Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Economy

Oil falls below $73.00; Natural Gas tests the $2.50 level

Oil falls below $73.00; Natural Gas tests the $2.50 level

During the Asian trading session, oil prices continued to slide below the $75.00 level.
During the Asian trading session, the price of natural gas continued its retreat to a new low this week.

Oil chart analysis

During the Asian trading session, oil prices continued to slide below the $75.00 level. We are currently below the $73.00 level in a bearish consolidation and expect to see a continuation to the bearish side, looking for support at lower levels. Potential lower targets are $72.50 and $72.00 levels. The previous low price of oil was in mid-November at the $72.13 level, and if we break through that level, the price could continue towards the $70.00 level.

We need a positive consolidation and a return to the $75.00 level for a bullish option. Then, we would have to stay above that level to form a bottom from which to start the recovery. Potential higher targets are $75.50 and $76.00 levels. The additional average price in the zone is around $76.00 is the EMA50 moving average.

Natural gas chart analysis

During the Asian trading session, the price of natural gas continued its retreat to a new low this week. A low was formed at the $2.51 level, and we can say that we are now testing the $2.50 support level. The price has been in a bearish consolidation for almost a month. The $2.50 level could be a psychological level below; around it, we could expect to see some struggle to stay above.

A break below leads to the formation of a new low, and the potential targets are the $2.45 and $2.40 levels. For a bullish option, we need a positive consolidation and a move above the $2.55 level, and in that way, we would climb above the previous daily low. This would encourage the price to start a recovery and a bullish trend. Potential higher targets are $2.60 and $2.65 levels. We would have additional resistance in the EMA50 moving average around the $2.65 level.

The post Oil falls below $73.00; Natural Gas tests the $2.50 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

    Editor's Pick

    Overview The world of business technology has evolved. Driven by the shift towards distributed work and cloud application delivery, enterprise infrastructure is undergoing a...

    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...



    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