Connect with us

Hi, what are you looking for?

Deluxe Investment Group – Investing and Stock NewsDeluxe Investment Group – Investing and Stock News

Economy

Oil and natural gas: Oil recovers to the $73.00 level

Oil and natural gas: Oil recovers to the $73.00 level

The price of oil encountered resistance at the $74.00 level yesterday.
The price of natural gas rose to $2.82 yesterday.

Oil chart analysis

The price of oil encountered resistance at the $74.00 level yesterday. We started to pull back from that level and got support at the $71.00 level. The day before, the oil price fell to $69.25, but it did not happen this time, and we formed a higher low. From that level, we started a positive consolidation that continues today. During the Asian session, the price of oil successfully crossed the barrier at $72.50.

In the EU session, we continue in the same direction, moving up to the $73.00 level. Potential higher targets are yesterday’s levels of $73.50 and $74.00. We need a pullback below the $72.00 support level for a bearish option. We would then expect to see a continuation of the pullback and a retest of yesterday’s support at $71.00. Potential lower targets are $70.50 and $70.00 levels.

Natural gas chart analysis

The price of natural gas rose to $2.82 yesterday. This year’s new high was formed, and for now, we are stopping there and making a small pullback to the $2.75 level. We are currently putting pressure on that support level, which could lead to a breakout below and the formation of a new daily low. Potential lower targets are the $2.70 and $2.65 levels.

In addition to falling to the $2.65 level, the price of natural gas would remain in a bullish trend as long as it is above the EMA50 moving average, which is in the zone around $2.60. We need a positive consolidation and a move above the $2.80 level for a bullish option. Then, we need to hold above if we want to see a continuation to the bullish side. Potential higher targets are $2.85 and $2.90 levels.

 

The post Oil and natural gas: Oil recovers to the $73.00 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

    Florida Gov. Ron DeSantis (R) needs a massive infusion of cash in the next two months of the Republican presidential primary race to help...

    Editor's Pick

    ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

    Latest News

    The United States could be on track for a Joe Biden-Donald Trump rematch in 2024, but it’s the president’s son Hunter Biden who earned...

    Latest News

    A week ago, a Jan. 6 defendant was arrested near Barack Obama’s in D.C. with what the government says was a machete, two guns...

    Disclaimer: Deluxeinvestmentgroup.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 © 2023 deluxeinvestmentgroup.com