• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Oil and Natural Gas: New Highs and Targets for Friday
Economy

Oil and Natural Gas: New Highs and Targets for Friday

by October 4, 2024
by October 4, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Oil and Natural Gas: New Highs and Targets for Friday

The increasing escalation in the Middle East has caused the price of oil to rise since the beginning of this week
The price of natural gas climbed to $3.10 on Thursday, a new weekly high

Oil chart analysis

The increasing escalation in the Middle East has caused the price of oil to rise since the beginning of this week. On Thursday, the price climbed to the $74.00 level. During this morning’s Asian trading session, oil was moving in the $73.50-$74.00 range. It could easily happen that we see a new bullish impulse and a move to a new October high. Potential higher targets are $74.50 and $76.00 levels.

For a bearish option, the oil price would have to retreat first to the $73.00 level. In this way, we would see the formation of a new daily low. This confirms we are moving away from the previous path and turning to the bearish side. After that, oil remains to go further down and look for new lower support. Potential lower targets are $72.00 and $71.00 levels. Additional support for the price is the EMA 50 moving average, which is in the $72.00 zone.

 

Natural gas chart analysis

The price of natural gas climbed to $3.10 on Thursday, a new weekly high. After that, we saw a slight pullback to new support at $3.05. In this morning’s Asian trading session, we see the initiation of a new bullish consolidation close to the weekly high. Everything indicates that the break above is close. Potential higher targets are $3.12 and $3.14 levels.

For a bearish option, we need a negative consolidation and a pullback of natural gas below $3.08 this morning’s support. Thus, we move to a new daily low and confirm the strengthening of bearish swings. In the $3.06 zone, we will try to test the EMA 50 moving average support. We have his support during this week. The inability to hold above will push the price of natural gas below to a new lower low. Potential lower targets are $3.04 and $3.02 levels.

 

The post Oil and Natural Gas: New Highs and Targets for Friday appeared first on FinanceBrokerage.

You Might Also Like
  • Rubio says Israel has ‘no choice’ but to seek ‘complete eradication of Hamas’
  • Border Patrol catches three child sex offenders in one sector; union asks ‘how many others got through?’
  • Kamala Harris offers vague ‘Day 1’ Oval Office plan in CNN interview: ‘A number of things’
  • Which social media platforms have banned Trump and why? An overview
Share
0
FacebookTwitterPinterestWhatsapp

previous post
S&P 500 and Nasdaq: New support and targets on Friday
next post
Gold and Silver: New Higher Targets and Prices on Friday

You may also like

Harris now backing away from several far-left stances she once...

July 30, 2024

Maryland Court says parents can’t opt kids out of LGBTQ+...

August 25, 2023

GOP senators push bill requiring Biden declassify all US intelligence...

February 28, 2023

Mike Pence courts Catholic voters in campaign speech at Napa...

July 30, 2023

Senate Dems eye hearing on Silicon Valley Bank collapse, says...

March 15, 2023

Trump faces maximum sentence of 136 years in prison for...

April 5, 2023

In Israel visit, Stefanik to tout Trump’s record on Jewish...

May 19, 2024

House Speaker chaos: ‘One dumpster fire at a time’

May 11, 2024

Schumer, Manchin, Hunter: Biden’s Wilmington home saw frequent visitors while...

January 17, 2023

Meet Tom Emmer, the GOP majority whip and nominee for...

October 24, 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

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

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

      June 27, 2024 2,633 views
    • 2

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

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,321 views
    • 4

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

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

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

      June 27, 2024
    • 2

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

      August 9, 2024
    • 3

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

      June 25, 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

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    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

    Blinken delivers strongest public rebuke of...

    May 13, 2024

    Biden tells White House audience he’s...

    July 5, 2024

    Former Navy SEAL seeking to oust...

    August 18, 2023
    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