United for Profits
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
No Result
View All Result
United for Profits
No Result
View All Result
Home Retirement

Oil and natural gas: the price of oil is close to $74.00

by
January 12, 2024
in Retirement
0
Oil and natural gas: the price of oil is close to $74.00

Oil and natural gas: the price of oil is close to $74.00

On the first day of this week, oil prices fell to $70.00, which gave gloomy forecasts for further continuation.
The price of natural gas climbed to the $3.35 level this week, forming a new annual high.

Oil chart analysis

On the first day of this week, oil prices fell to $70.00, which gave gloomy forecasts for further continuation. On Tuesday, the price stops the decline there and slowly consolidates, moving above the $71.00 level. After that, with bullish consolidation on Wednesday, we climb up to the $73.50 level. The price encounters resistance in that zone and makes a new pullback to the $71.00 level. Yesterday, we watched the initiation of a new bullish consolidation from that level, and the price jumped above $73.75.

During the Asian trading session, oil prices managed to stay high above the $73.50 level. We now have a good position to move towards the $74.00 level. Potential higher targets are $74.50 and $75.00 levels. We need a negative consolidation and price pullback to the $73.00 level for a bearish option. A drop below would drop us to a test of the EMA50 moving average in the zone around $72.50. Potential lower targets are $72.00 and $71.50 levels.

Natural gas chart analysis

The price of natural gas climbed to the $3.35 level this week, forming a new annual high. We stopped there and began the retreat that continues today. This week’s low was formed yesterday at the $2.90 level; since then, we have been moving in the $2.90-$3.05 range. We are currently at $2.96 and encountering resistance at $3.00. We need a break above if we plan to see another recovery in oil prices. Potential higher targets are $3.10 and $3.20 levels.

We need a negative consolidation and a price drop below the $2.90 level for a bearish option. In that zone, we came across the EMA50 moving average, which supported us in the previous two weeks. A drop below it would increase the bearish pressure, which would have a negative impact on the continued movement of the natural gas price. Potential lower targets are $2.80 and $2.70 levels.

The post Oil and natural gas: the price of oil is close to $74.00 appeared first on FinanceBrokerage.

Previous Post

EURUSD AND GBPUSD: Slight recovery of both Euro and Pound

Next Post

What is an interactive investment simulation game?

Next Post
What is an interactive investment simulation game?

What is an interactive investment simulation game?

Exchange Rate

Exchange Rate USD: Sun, 6 Jul.

Enter Your Information Below To Receive Trading Ideas and Latest News

    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!
    • About Us
    • Contact Us
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting

    Copyright © 2025 unitedforprofits.com All Rights Reserved.

    No Result
    View All Result
    • Personal Finance
    • Cryptocurrency
    • Strategy
    • Business
    • Retirement

    Copyright © 2025 unitedforprofits.com All Rights Reserved.