forex.pm forex forum binary options trade - Forex - Oil and natural gas: Oil is back below the $83.00 level
  • Welcome to forex.pm forex forum binary options trade. Please login or sign up.
 

Oil and natural gas: Oil is back below the $83.00 level

Started by PocketOption, Jul 04, 2024, 07:29 am

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

PocketOption

Oil and natural gas: Oil is back below the $83.00 level

Natural Gas News: Comparative Analysis and Outlook, methanol

Oil and natural gas: Oil is back below the $83.00 level



  • The oil price climbed to a new three-month high on Tuesday at $84.38. 

  • The price of natural gas fell to a new July low of $2.41 on Tuesday. 


Oil chart analysis


The oil price climbed to a new three-month high on Tuesday at $84.38. Up there, momentum was lost, and the price was forced to retreat. We found support last night at the $82.85 level. During this morning’s Asian trading session, the oil price moved in the $82.85-$83.35 range. We have been unable to improve further and now there is a new turn to the bearish side. Bearish consolidation has begun and the pressure is on $82.85, yesterday’s support level.


Potential lower targets are $82.50 and $82.00 levels. In the $82.00 zone, the oil price could gain more support and stop further decline in the EMA200 moving average. We need a positive consolidation and a break above the $83.50 level for a bullish option. Above that level, space opens up for us to visit more levels. Potential higher targets are $84.00 and $84.50 levels.


Oil chart analysis


 


Natural gas chart analysis


The price of natural gas fell to a new July low of $2.41 on Tuesday. During this morning’s Asian session, we see a slight recovery and movement in the $2.42-$2.47 range. Price pressure is still present on the chart, which could have a negative impact later in the day. A breakout below us leads to a new lower low and thus confirms the continuation to the bearish side.


Potential lower targets are $2.40 and $2.35 levels. We need a positive consolidation and a move above the $2.50 level for a bullish option. There, we get the support of the EMA50 moving average, and it will be easier for us to start further growth and recovery. Potential higher targets are $2.55 and $2.60 levels. $2.60 is our weekly open price, and it would be of great importance if it returned above.


Natural gas chart analysis


 


The post Oil and natural gas: Oil is back below the $83.00 level appeared first on FinanceBrokerage.


Source: Oil and natural gas: Oil is back below the $83.00 level