Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Economy

Oil and natural gas: Oil retreated to the $82.00 level

Oil and natural gas: Oil retreated to the $82.00 level

From last Thursday to this morning, the price of oil fell by $13.00.
The first week of October was very bullish for the price of natural gas.

Oil chart analysis

From last Thursday to this morning, the price of oil fell by $13.00. From $95.00 to $82.00 this morning. In the previous 12 hours, oil managed to slow down the decline and stay above the $82.00 level. It would need to move above the $83.00 level to take the first step towards a potential recovery. Then, it is necessary to maintain above that level and to form a new oil price bottom there.

After that, we could expect to see continued recovery and oil price growth on the bullish side. Potential higher targets are $84.00 and $83.00 levels. We need a negative consolidation and a breakout of the oil price below the $82.00 support level for a bearish option. A fall below would lead to the formation of a new lower low, and thus, we would see confirmation of the bearish option. Potential lower targets are $81.00 and $80.00 levels.

Natural gas chart analysis

The first week of October was very bullish for the price of natural gas. We started Monday at the $2.68 level and are now at the $3.10 level. During the previous Asian trading session, the price was maintained around the $3.04 level, and at the beginning of the EU session, we saw a bullish impulse and a jump to a new high.

If we manage to hold above this morning’s support zone, we could expect the price to continue to break above and form a new high. Potential higher targets are $3.12 and $3.14 levels. We need a negative consolidation and pullback to the $3.00 support level for a bearish option. A break below could indicate that we will see a continuation of the decline to the bearish side. Potential lower targets are $2.95 and $2.90 levels.

The post Oil and natural gas: Oil retreated to the $82.00 level 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...

    Economy

    Bitcoin Rebounds to $69,000 Quick Look Bitcoin rebounds to $69,000, influenced by optimistic FR statements and anticipation of the halving event. FR officials’ comments...

    Economy

    0xDistro ICO (DISTRO) is Live. What does it offer? In the world of decentralized finance, 0xDistro emerges as a promising project. It presented itself...

    Economy

    Великобритания вышла из рецессии с ростом на 0,6 %, опередив прогнозы Краткий обзор: Экономика Великобритании выросла на 0,6 % в первом квартале, превысив прогнозы...



    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