Oil is stable, while natural gas slips below $2.30 level
<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2022/11/Oil-prices-2.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Oil prices" decoding="async" loading="lazy" /></div><h1><strong>Oil is stable, while natural gas slips below $2.30 level<br />
</strong></h1>
<ul>
<li aria-level="1">The price of oil is in a three-day bullish trend from the previous low to the $68.77 level.</li>
<li aria-level="1">At the beginning of this week, the price of natural gas continued its bearish retreat to the $2.26 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The price of oil is in a three-day bullish trend from the previous low to the $68.77 level. During the Asian trading session, we saw a continuation of the bullish consolidation and a move up to the 71.80 level. We stop at that level and begin a pullback to the $71.20. The oil price has been under pressure in the past few hours, which could influence us to see a further retreat to last week’s support levels. Potential lower targets are $71.00 and $70.00 levels.</p>
<p>For a bullish option, we need price growth above the $72.00 level. After that, a positive <a href="https://www.financebrokerage.com/the-dollar-index-with-bullish-consolidation-rises-to-101-00/">consolidation</a> and movement to the $73.00 level is needed. This would allow us to jump over the EMA50 moving average and get its support to continue to the bullish side. Potential higher targets are $74.00 and $75.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-246330 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/qvPut8yy-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>At the beginning of this week, the price of natural gas continued its bearish retreat to the $2.26 level. We broke below last week’s low and thus formed a new one. Currently, we got the desired support, which moved the price to the $2.29 level. We need a continuation of positive consolidation and a move above the $0.30 level if we want to see a recovery in the price of natural gas.</p>
<p>Potential higher targets are $2.35 and $2.40 levels. We need a negative consolidation and a break below the previous low for a bearish option. This would lead to the formation of a new low, and thus, we would get confirmation of the bearish pressure on the price of natural gas. Potential lower targets are $2.25 and $2.20 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-246332 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/B0tRImdn-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
<p> </p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/oil-is-stable-while-natural-gas-slips-below-2-30-level/">Oil is stable, while natural gas slips below $2.30 level</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>
Leave a Comment