• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Economy

Oil and Natural Gas: Oil climbed to a new weekly high

by August 9, 2024
written by August 9, 2024

Oil and Natural Gas: Oil climbed to a new weekly high

Thursday saw a significant uptick in the oil market, with the price reaching a new weekly high of $76.52. 
This week was very positive for the price of natural gas. 

Oil chart analysis

Thursday saw a significant uptick in the oil market, with the price reaching a new weekly high of $76.52. This momentum continued into the morning’s Asian trading session, with the price fluctuating in the $75.90-$76.40 range. The EMA 200 moving average played a crucial role, providing support and solidifying the position above $75.00. This is a strong indicator of the market’s stability and the potential for a continued bullish trend. The $77.00 and $77.50 levels are within reach as potential higher targets.

However, it’s important to consider the potential for a bearish turn. If the oil price were to retreat below $75.00 and the EMA 200 moving average, we would see a shift back to the bearish side. This could lead to increased pressure on the oil price, potentially pushing it down to new support levels at $74.50 and $74.00. It’s crucial to be prepared for these potential market movements.

 

Natural gas chart analysis

This week was very positive for the price of natural gas. After returning above the $2.00 level on Tuesday, the price is gaining momentum on the bullish side. We then see a cross over the EMA 200 moving average, which further supports the bullish option. On Thursday, the price climbed to a new weekly high at the $2.23 level. During this morning’s Asian session, the price movement is in a narrow range of $2.19-$2.21.

Chances are increasing that we will see a new bullish impulse and climb to a new high. Potential higher targets are the $2.25 and $2.30 levels. For a bearish option, the price of natural gas would take a step down to the $2.15 level. There, we will test the EMA 50 moving average. If the support is not sufficient, the price will have to start a further retreat. Potential lower targets are the $2.10 and $2.05 levels. 

 

The post Oil and Natural Gas: Oil climbed to a new weekly high appeared first on FinanceBrokerage.

0 comment
0
FacebookTwitterPinterestEmail

previous post
Meet Qubic Crypto: The Future of Cryptocurrency Platforms
next post
EURUSD and GBPUSD: The pound managed to start a recovery

related articles

Trump’s Fed Criticism Sparks Investor Concerns

April 22, 2025

Oil Prices Rebound After Trump’s Criticism of Powell

April 22, 2025

Buy Bitcoin Under $100K Before The Next Bull...

April 22, 2025

BNB Price Surge Leads Crypto Gains as Bitcoin...

April 21, 2025

Fed’s Stagflation Warning Impacts Crypto Markets

April 21, 2025

Bitcoin Slips to $83.6K Amid Nvidia’s $5.5B Charge

April 21, 2025

Gold Price Surge Hits $3,385 Amid Trade Tensions

April 21, 2025

Bitcoin Rebounds to $83,404 Amid Renewed Investor Confidence

April 21, 2025

Memecoins, AI, and DeFi Tokens Lead Crypto Rebound

April 21, 2025

Bitcoin Nears $85K Amid Market Optimism

April 21, 2025
Enter Your Information Below To Receive Free Trading Ideas, 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!

Latest News

  • Rubio to pitch foreign policy credentials to Senate as he vies to become America’s top diplomat

    January 15, 2025
  • JFK’s grandson says there is ‘nothing heroic’ about Trump’s declassification order

    January 24, 2025
  • NY Rep. Mike Lawler secures critical win for House GOP, beating progressive ex-lawmaker

    November 6, 2024
  • Outgoing WH official calls for US to bolster cybersecurity workforce by hiring non-degree holders

    January 8, 2025
  • New Secret Service chief grilled on ‘pattern of negligence’ within agency after Trump assassination attempt

    July 30, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,723)
  • Investing (624)
  • Stock (773)

Latest Posts

  • US officials delayed warning public about heart inflammation risk from COVID shot: report

    May 21, 2025
  • Trump nominates Air Force Lt. Gen. Dan ‘Razin’ Caine for Joint Chiefs of Staff chairman

    February 22, 2025
  • House Democrats demand answers on DOJ’s move to fire former special counsel officials

    January 29, 2025

Recent Posts

  • Gold and Silver: Gold is pulling back from this morning

    August 5, 2024
  • Harris campaign announces concert series with Bruce Springsteen to mobilize voters ahead of Election Day

    October 22, 2024
  • President-elect Trump taps slew of administration picks days before inauguration

    January 17, 2025

Editor’s Pick

  • ‘It makes no sense’: Jordan says FBI stonewalling requests for briefing on Iran hack of Trump campaign

    October 4, 2024
  • Schumer supports Democrats delaying all Trump nominees who lack unanimous support

    January 23, 2025
  • Harris unveils agenda to help Black men ‘get ahead’ as polls show Trump gains

    October 14, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.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 © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock