• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Oil and natural gas: Oil finds new support on Friday
Economy

Oil and natural gas: Oil finds new support on Friday

by September 30, 2024
by September 30, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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.

You Might Also Like
  • Pundits name their winners and losers from GOP debate
  • Biden ramps up reelection campaign amid whistleblower allegations of family corruption
  • Biden vs. Trump. Is a debate fair game to test mental acuity?
  • Gooden demands answers from United Way on federal grant money going to free services for illegal immigrants
Share
0
FacebookTwitterPinterestWhatsapp

previous post
EURUSD and GBPUSD: GBPUSD under pressure to stay bullish
next post
Equities Remain in Strong “Go” Trend as Communications Begin to Excel

You may also like

Israel strikes site in Iran in retaliation for weekend assault:...

April 19, 2024

McConnell tosses debt ceiling hot potato to Biden, McCarthy: ‘That’s...

January 25, 2023

Legal experts warn Hunter Biden faces ‘real chance of jail...

December 9, 2023

DOD casts doubt on Iran-backed militia’s claim to halt strikes...

January 31, 2024

Jimmy Carter, a ‘model of kindness’: Reaction pours in for...

February 19, 2023

Trump tells GOP to ‘pass the SAVE Act’ or ‘go...

July 10, 2024

Conservative group builds ‘America First’ coalition to fight ‘radical left’s...

April 24, 2024

Nvidia Stock Hits Record High at $143.71

October 23, 2024

Fetterman’s top comms staffers resign amid ongoing backlash against senator...

March 31, 2024

WATCH: Israel’s four-legged soldiers uncover Hamas tunnel in Gaza City

December 23, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.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 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    North Carolina GOP censures Sen. Thom...

    June 11, 2023

    Tim Scott says GOP voters have...

    May 22, 2023

    Jack Smith responds to blistering Hur...

    February 28, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here