Connect with us

Hi, what are you looking for?

Earnings PolicyEarnings Policy

Economy

Oil and Natural Gas: Oil again at $80.00 on Friday

Oil and Natural Gas: Oil again at $80.00 on Friday

On Friday, we saw a new drop in oil prices to $80.00.
At the beginning of the Asian trading session, we saw a bearish gap in natural gas prices at the $3.37 level.

Oil chart analysis

On Friday, we saw a new drop in oil prices to $80.00. During the previous Asian trading session, the oil price was in bullish consolidation up to $82.00. For now, we encounter resistance in that zone and see a pullback to the $81.65 level.

We remain in this bullish consolidation, hoping to see a break above $82.00 and a continuation to the bullish side. Potential higher targets are $82.50 and $83.00 levels.

Additional pressure on the price in the zone around $83.00 was exerted by the EMA50 moving average. For a bearish option, we need a negative consolidation and pullback to this morning’s support at the $81.00 level.

A break below would signal a retest of last week’s support at $80.00. Potential lower targets are $79.50 and $79.00 levels.

Natural gas chart analysis

At the beginning of the Asian trading session, we saw a bearish gap in natural gas prices at the $3.37 level. In the continuation of the Asian session, the price continued to move sideways in the $3.36-$3.40 range.

We have additional support in this zone in the EMA50 moving average. If we manage to stay above it, we will have a good basis for continuing to the bullish side and closing the gap from the opening of the market last night.

Potential higher targets are $3.45 and $3.50 levels. For a bearish option, we need a negative consolidation and a drop below the EMA50 and the $3.35 level. A break below would confirm a bearish option, and we would see a continued pullback in natural gas prices. Potential lower targets are $3.30 and $3.25 levels.

 

The post Oil and Natural Gas: Oil again at $80.00 on Friday appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Economy

    Everything You Need to Know about Tax Saving Deposit Navigating the world of investments can be daunting, especially when looking for options that offer...

    Latest News

    FBI Director Christopher A. Wray, who has been increasingly under attack from congressional Republicans, pushed back against his critics in a new interview, saying...

    Economy

    USDCHF and USDJPY: USDJPY is testing support at 150.00 The USDCHF pair jumped to 0.91126 levels on Wednesday, forming a new three-week high. The...

    Latest News

    One ripple effect of the Israel-Gaza war is the warp-speed unraveling of relations between President Biden and some of his most loyal voters: Muslims...

    Disclaimer: earningspolicy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 earningspolicy.com