The Revenue Rises
Trending Now
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
DP Trading Room: Key Support Levels for the...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Retirees ‘stunned’ as market turmoil over tariffs shrinks...
Week Ahead: NIFTY Set To Open Lower; Relative...
Market Drop Compared to 2020: What You Need...

The Revenue Rises

Economy

Oil and natural gas: Oil finds new support on Friday

by admin October 1, 2024
October 1, 2024
Oil and natural gas: Oil finds new support on Friday

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.

previous post
Polls show big increase in Republicans planning to vote for abortion rights
next post
The Vance-Walz VP debate was overshadowed by war and disaster

Related Posts

S&P 500 Slide 0.48% as Wall Street Weighs...

November 6, 2024

S&P 500 and Nasdaq: Another all-time high for...

September 30, 2024

The price of Bitcoin rose to a new...

October 16, 2024

S&P 500 and Nasdaq under heavy bearish pressure...

September 9, 2024

Dollar Index Analysis: Strong Uptrend Faces Resistance Level

November 13, 2024

Euro index creates new weekly low: yen in...

August 30, 2024

ApeCoin and Akita Inu: Daily Overview of Prices...

October 4, 2024

GEMS VIP Coin: Revolutionising Blockchain Investment

September 6, 2024

Goldman Sachs Kostin Warns of a Potential S&P...

March 4, 2025

IAG Stock In Top Performing Stock With 16.83%...

October 22, 2024

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • DP Trading Room: Key Support Levels for the SPY
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise

    Popular Posts

    • 1

      Polls show some good early signs for Kamala Harris

      July 26, 2024
    • 2

      Solana and Cardano: Solana is waiting for a new impulse

      July 18, 2024
    • 3

      The presidential race shifts — modestly, so far — toward Harris

      August 6, 2024
    • 4

      Donald Trump’s imaginary and frightening world

      September 23, 2024
    • 5

      DP Trading Room: PMO Sort on Earnings Darlings

      July 18, 2024

    Categories

    • Business (663)
    • Economy (965)
    • Politics (873)
    • Stocks (749)

    Disclaimer: therevenuerises.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 © 2024 The Revenue Rises. All Rights Reserved.