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

Oil and natural gas: Oil finds new support on Friday

by September 30, 2024
written by September 30, 2024

Oil and natural gas: Oil finds new support on Friday

The price of oil managed to stop the decline on Friday and stabilize above the $67.00 support level
On Friday, after consolidating the price of natural gas in the $2.75-$2.80 range, we saw a break above and a jump to a new weekly high of $2.97

Oil chart analysis

The price of oil managed to stop the decline on Friday and stabilize above the $67.00 support level. After that, the price started a bullish consolidation above $68.50, where we expect the support of the EMA 50 moving average. We have solid bullish momentum and expect oil to take advantage of that to move higher this week. In the $69.50 zone, we encounter the EMA 200 moving average, and there we can expect the next stronger resistance.

If we manage to move above, oil prices could soon exceed the $70.00 level. Potential higher targets are $70.50 and $71.00 levels. The drop of oil below the EMA 50 moving average and the $68.00 level would reduce the optimism that we have the strength to stay on the bullish side. A further pullback to $67.50 would reinforce the bearish momentum. The next step is to test the previous low and continue the pullback to the bearish side. Potential lower targets are $67.00 and $66.50 levels.

 

Natural gas chart analysis

On Friday, after consolidating the price of natural gas in the $2.75-$2.80 range, we saw a break above and a jump to a new weekly high of $2.97. The reason for this jump is most likely the hurricane that hit Florida and forced the shutdown of wells until the storm passes. This week, we expect the price to stabilize and stay below the $3.00 level. A bullish trend has followed us since the beginning of September.

Should natural gas continue its momentum, it could soon move above $3.00 to a new three-month high. Potential higher targets are $3.05 and $3.10 levels. We also do not rule out a possible pullback below the $2.90 level. With that step, the price moves to the last week’s movement range. We expect a pullback in line with the September trend. Potential lower targets are $2.85 and $2.80 levels. The EMA 200 moving average, our bearer of the bullish trend, is in the $2.75 zone.

 

The post Oil and natural gas: Oil finds new support on Friday appeared first on FinanceBrokerage.

0 comment
0
FacebookTwitterPinterestEmail

previous post
The dollar index could continue to pull back this week
next post
How to watch the Fox News – CBS News Vice Presidential Debate Simulcast

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

  • ‘Masterclass’: Bondi flips script on Dem senator after suggesting she will weaponize DOJ

    January 15, 2025
  • Oil and Natural Gas: New Targets and Prices for this Week

    October 14, 2024
  • Iran remembers Hamas leader Yahya Sinwar as a ‘martyr’ and ‘model for the youth and children’

    October 18, 2024
  • Mike Johnson says Harris is Iran’s ‘preferred candidate,’ demands info on Trump campaign hacks

    September 23, 2024
  • ‘Utter disaster’: Lindsey Graham calls for Zelenskyy resignation after White House throwdown

    February 28, 2025

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

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

    July 19, 2024
  • 3

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

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

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

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,603)
  • Investing (634)
  • Stock (867)

Latest Posts

  • TSA expected to end shoes-off policy at many airports across US

    July 8, 2025
  • CrowdStrike moves to dismiss Delta Air Lines suit, citing contract terms

    December 18, 2024
  • Trump eyes an end to new windmill production under second term, says they are ‘driving the whales crazy’

    January 8, 2025

Recent Posts

  • How birria took over restaurant menus across the country

    September 26, 2024
  • Ex-Haiti envoy slams ‘deeply flawed’ approach of Biden admin

    March 21, 2025
  • Elon Musk’s X sues advertisers over alleged ‘massive advertiser boycott’ after Twitter takeover

    August 6, 2024

Editor’s Pick

  • Long BSX: Boston Scientific Maintains Nine-Month Uptrend: Targeting $80 After Recent Pullback

    July 11, 2024
  • Vance hosts top-dollar fundraiser ahead of Trump inauguration

    January 16, 2025
  • Top federal agency takes DOGE’s mission to heart with all-hands memo to every employee: ‘Reduction in force’

    February 25, 2025
  • 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