Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Economy

Oil and natural gas: Crude oil maintains around $80.00

Oil and natural gas: Crude oil maintains around $80.00

During the Asian trading session, the oil price returned to $79.75.
At the start of the Asian trading session, the price of natural gas made a bullish gap from $2.58 to $2.66.

Oil chart analysis

During the Asian trading session, the oil price returned to $79.75. We got support at that level and started a new bullish consolidation from there, and we are back above the $80.00 level. We are currently holding above that level and could expect to see a continuation to the bullish side. Potential higher targets are $80.50 and $81.00 levels. Additional support for the bullish option is the EMA50 moving average.

We need a negative consolidation and pullback to the $79.50 level for a bearish option. Thus, we would fall below the EMA50 moving average, which would further increase the pressure on oil. Potential lower targets are $79.00 and $78.00 levels.

Natural gas chart analysis

At the start of the Asian trading session, the price of natural gas made a bullish gap from $2.58 to $2.66. After that, we see a slight bearish consolidation and pullback to the $2.65 level. If this consolidation continues, we can expect to see this morning’s gap closing. After that, we should see another bullish consolidation and another rise in the price of natural gas. Potential higher targets are $2.70 and $2.75 levels.

For a bearish option, you need a price pullback below the $2.55 level. After that, we would be able to visit $2.50, the previous support level. A price break below it would mean further weakening and a pullback. Potential lower targets are $2.45 and $2.40 levels.

The post Oil and natural gas: Crude oil maintains around $80.00 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

    Latest News

    Donald Trump’s defense attorneys Wednesday asked the federal judge handling the government’s classified documents case to allow the former president and his legal team...

    Latest News

    Decrying what he saw as the liberal bias of ChatGPT, Elon Musk earlier this year announced plans to create an artificial intelligence chatbot of...

    Latest News

    One of the newest judges on the Fulton County Superior Court bench, Scott McAfee, has been assigned the sprawling racketeering case that charges former...

    Latest News

    LIVE OAK, Fla. — President Biden traveled to Florida on Saturday to survey the damage caused by Hurricane Idalia, part of a storm response...



    Disclaimer: alivebusinessplan.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 alivebusinessplan.com