Connect with us

Hi, what are you looking for?

Economy

Stabilizing Above $72: What Moves the Oil Price today?

Stabilizing Above $72: What Moves the Oil Price today?

The price of oil is in a bullish trend after falling on Monday to the $71.37 level.
The price of natural gas continued to retreat this week.

Oil chart analysis

The price of oil is in a bullish trend after falling on Monday to the $71.37 level. We quickly bounced back above $72.00 and successfully stabilized above. On Tuesday, the price climbed to the $73.00 level and successfully hovered around that level for most of the day. During this morning’s Asian trading session, the oil price received support at the $73.30 level and continued the previous bullish consolidation from there. This leads to the formation of today’s high price at the $74.00 level.

For now, we maintain below it and pull back to the $73.75 level. Potential higher targets are $74.50 and $75.00 levels. We will have additional pressure on the price of oil in the EMA200 in the zone around the $74.30 level. For a bearish option, we need a pullback of the oil price below $73.30, this morning’s support zone. With a drop below, we would form a daily price low, and the potential lower targets are $72.50 and $72.00 levels.

Natural gas chart analysis

The price of natural gas continued to retreat this week. This led us to see the formation of this year’s new low at the $2.12 level yesterday. During the previous Asian trading session, the price recovered slightly to $2.15, where we encountered new resistance. After resistance in that zone, we start a pullback with the view of retesting last night’s low. This could cause a breakout below and drop the price of natural gas to an even lower level.

Potential lower targets are $2.10 and $2.08 levels. We need a break above the $2.15 level for a bullish option. Then, we would have to hold up there to generate bullish momentum and start a recovery. Potential higher targets are $2.18 and $2.20 levels.

 

The post Stabilizing Above $72: What Moves the Oil Price today? appeared first on FinanceBrokerage.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

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

    Enhancing and Broadening Managed Connectivity Solutions Across the Americas. OptConnect, a longtime leader in managed wireless services, today announced it has acquired Latin America-based...

    Editor's Pick

    CSL, Critical IoT Connectivity experts, announce the launch of CSL Satellite. CSL Satellite provides Critical Connectivity to remote or challenging environments, where mobile or...

    Stock

    Honda said on Tuesday it was recalling 750,000 vehicles in the United States over a defect involving air bags which could deploy unintentionally during...

    Stock

    Cruise, the driverless car company owned by General Motors is back in the spotlight after another close call with a pedestrian. The California DMV...

    Disclaimer: Financetimereport.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 Financetimereport.com