Economy

Oil and natural gas: Oil slides to new low as stocks fall

Oil and natural gas: Oil slides to new low as stocks fall

On Friday, the oil price experienced a significant pullback from $77.00 to $73.00.
During this morning’s Asian session, the price of natural gas fell to the $1.93 level, forming a three-month low.

Oil chart analysis

On Friday, the oil price experienced a significant pullback from $77.00 to $73.00. However, during this morning’s Asian trading session, we observed a drop to a new low of $72.26. The current price is striving to stabilize in this zone, indicating a potential for recovery. We are currently at $73.00, and a push to $74.00 could see us back above the weekly open price. If oil manages to hold at this level, it will be in a stronger position to initiate a promising bullish consolidation.

Potential higher targets are $74.50 and $75.00 levels. The first additional resistance is the EMA 50 moving average in the zone of the $75.00 level. We need a negative consolidation and a drop to the $72.00 level for a bearish option. With that step, we descend to a new lower low and confirm the instability of the oil price. Potential lower targets are $71.50 and $71.00 levels.

 

Natural gas chart analysis

During this morning’s Asian session, the price of natural gas fell to the $1.93 level, forming a three-month low. All last week, the price was under pressure at the $2.00 level, and on Thursday, we saw the first break below. On Friday, bearish consolidation intensified, and natural gas retreated to the $1.94 level. This morning, the price did not have the strength to start a recovery, but now we see attempts to start a bullish consolidation.

Natural gas would need to return above $2.00 to gain support from the EMA 50 moving average. Potential higher targets are $2.05 and $2.10 levels. For a bearish option, we need a negative consolidation to the previous low. New pressure would only strengthen the impulse on the doel and form a new lower low. Potential lower targets are $1.90 and $1.85 levels.

 

The post Oil and natural gas: Oil slides to new low as stocks fall appeared first on FinanceBrokerage.

You May Also Like

Investing

Israel carried out limited strikes in Iran early Friday in retaliation for Tehran firing a barrage of missiles and drones at Israel last Saturday....

Editor's Pick

Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

Economy

Top 15 Richest Self-made Men from 2000 to 2023 Welcome to our video showcasing the wealth evolution of the top 15 richest self-made men...

Latest News

At least 21 people were killed, including two children, when a passenger bus plunged from a bridge in Mestre, Italy, near Venice on Tuesday,...

Disclaimer: Tradetalkslive.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 tradetalkslive.com