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

Oil and natural gas: Oil struggles to retain new support

by August 23, 2024
written by August 23, 2024

Oil and natural gas: Oil struggles to retain new support

During this morning’s Asian session, the oil price hovered around the $73.00 level
Yesterday, the price of natural gas was under a lot of pressure, which caused a strong bearish pullback

Oil chart analysis

During this morning’s Asian session, the oil price hovered around the $73.00 level. The EMA 50 moving average supports the price and is in an excellent position to continue to the bullish side. By rising to $74.00, we would form a two-day high, which would strengthen our bullish recovery. Potential higher targets are $74.50 and $75.00 levels. We will have additional resistance in the EMA 200 moving average in the $74.50 zone.

For a bearish option, the oil price would have to first pull back below the EMA 50 moving average. That would move us below the daily open price to the negative side. With that step, we would form a new daily low, and the price would be under pressure to look for new support. Potential lower targets are $72.50 and $72.00 levels. This week’s low oil price is at $71.46.

 

Natural gas chart analysis

Yesterday, the price of natural gas was under a lot of pressure, which caused a strong bearish pullback. After moving around the $2.30 level, the price collapsed to $2.15. During this morning’s Asian trading session, natural gas moved in the $2.17-$2.19 range. At the start of the EU session, we saw new pressure on gas that could bring down the price again. This could lead to a test of the weekly low and possibly the formation of a new lower low.

Potential lower targets are the $2.14 and $2.12 levels. For a bullish option, we need an impulse above the $2.20 level. That would allow us to start recovery. At $2.22, we will test the weekly open price, and moving and staying above would be preferable. Potential higher targets are the $2.24 and $2.26 levels. We will have a possible higher resistance in the $2.25 zone in the EMA 200 moving average.

 

The post Oil and natural gas: Oil struggles to retain new support appeared first on FinanceBrokerage.

0 comment
0
FacebookTwitterPinterestEmail

previous post
Trump ends feud with swing-state governor he slammed as ‘disloyal’
next post
EURUSD and GBPUSD: GBPUSD remains stable in a bullish trend

related articles

Oil Prices Rebound After Trump’s Criticism of Powell

April 22, 2025

Trump’s Fed Criticism Sparks Investor Concerns

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

  • Kevin Hassett doubles down on Trump tariffs, says dozens of countries are asking to negotiate

    April 6, 2025
  • How Vuori reached a $5.5 billion valuation by taking share from Lululemon

    December 19, 2024
  • Iran’s president denies claim that Iran tried to assassinate Trump

    January 15, 2025
  • Nvidia loses nearly $600 billion in market value after Chinese AI startup bursts onto scene

    January 28, 2025
  • AMD launches AI chip to rival Nvidia’s Blackwell

    October 10, 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 (4,433)
  • Investing (593)
  • Stock (735)

Latest Posts

  • Vance takes faith approach after Harris mocked pro-life protesters at rally: ‘Jesus is King’

    October 21, 2024
  • Trump says US not willing to make deal with China unless trade deficit is solved

    April 7, 2025
  • Tulsi Gabbard thanks Trump for ‘unwavering leadership’ in Oval Office clash with Zelenskyy

    March 1, 2025

Recent Posts

  • Trump pulls his nomination for DC US attorney, says he’ll reveal new pick soon

    May 8, 2025
  • Former defense secretaries condemn Trump’s firing of senior military officials in scathing letter

    February 28, 2025
  • Will Ukraine minerals deal happen after Zelenskyy fiasco? Trump to reveal in address to Congress

    March 3, 2025

Editor’s Pick

  • US strikes kill hundreds of Houthi fighters, hit over 800 Red Sea targets: Central Command

    April 28, 2025
  • AUDUSD and AUDNZD: AUDUSD continues to slide lower

    July 19, 2024
  • Election 2024: Trump, Harris’ top Hollywood celebrity supporters

    November 2, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms and Conditions
  • Email Whitelisting

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