Connect with us

Hi, what are you looking for?

Income Innovator HubIncome Innovator Hub

Economy

Oil and Natural gas: Natural gas falls to a new low of $2.36

Oil and Natural gas: Natural gas falls to a new low of $2.36

Oil price retreated after rising to $74.59 on Friday.
At the market opening last night, the gas price made a bearish gap from $2.52 to the $2.36 level.

Oil chart analysis

Oil price retreated after rising to $74.59 on Friday. In two attempts on Friday, we had the opportunity to jump over that level, but we failed to move above it, and a retreat followed. We quickly returned below $74.00, and Friday closed at $73.39.

During the Asian session, the pullback continued, and the price fell below the $73.00 level. In the EU session, we saw a continuation and breakout below the EMA200 moving average, with the formation of this week’s low at the $72.60 level.

Potential lower targets are $72.50 and $72.00 levels. We need a positive consolidation and stabilization above the EMA200 and the $73.00 level for a bullish option. If we succeed in this, we are in a good position to continue on the bullish side. Potential higher targets are the $73.50 and $74.00 levels.

Natural gas chart analysis

At the market opening last night, the gas price made a bearish gap from $2.52 to the $2.36 level. After that, we are looking at a bullish consolidation and recovery to the $2.41 level. We expect to see further recovery in natural gas prices by the end of the day if this consolidation continues. On the bearish side, potential lower targets are $2.35 and $2.30.

For a bullish option, we need to reach the $2.50 level. Thus, we would erase almost the entire loss from the Asian session. The price would form a bottom from which it could continue in further recovery. Potential higher targets are $2.60 and $2.65 levels. The EMA200 moving average is up in the zone around the $2.75 level.

 

The post Oil and Natural gas: Natural gas falls to a new low of $2.36 appeared first on FinanceBrokerage.

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

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    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

    Source: Ark Invest / Instagram ARK Investment Management, led by prominent investor Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust (GBTC)...

    Latest News

    A super PAC that has overseen much of Ron DeSantis’s presidential operation has fired its CEO less than two weeks after the previous chief...

    Stock

    Popeyes is expanding its menu beyond chicken sandwiches — and it’s a permanent change this time. The fast-food chain announced Wednesday it’s adding five...

    Latest News

    WINDHAM, N.H. — It’s pouring rain Saturday morning as New Hampshire Gov. Chris Sununu (R) arrives at Mary Ann’s diner in Windham, fielding calls...

    Disclaimer: Incomeinnovatorhub.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 incomeinnovatorhub.com