Oil falls below $75.00, while Natural Gas slips below $2.75

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2023/03/oil-3.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="oil" decoding="async" loading="lazy" /></div><h1><b>Oil falls below $75.00, while Natural Gas slips below $2.75</b></h1>
<ul>
<li aria-level="1">During the Asian fattening session, oil prices continued to retreat, forming a low at $74.64.</li>
<li aria-level="1">The price of natural gas continues to retreat this week.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>During the Asian fattening session, oil prices continued to retreat, forming a low at $74.64. We got support in that zone and initiated a bullish consolidation that brought us back above the $75.00 level. We now need to hold above the $75.00 level in order to initiate a bullish consolidation from there and begin a continued recovery. Potential higher targets are $76.00 and $76.50 levels.</p>
<p>Additional resistance for oil price could be found in the EMA50 moving average. We need a negative consolidation and a rejection of the $75.00 level for a <a href="https://www.financebrokerage.com/impact-of-bearish-chinese-economic-data-on-global-oil-prices/">bearish</a> option. Next, we need to see a break below the $74.50 level, and in that way we would form a new price low for this week. Potential lower targets are $74.00 and $73.50 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-243135 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/11/1qf6wm9y-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas continues to retreat this week. We saw a bearish gap from $2.85 to the $2.80 level at the market’s opening. During the Asian trading session, the price continued to retreat and is now at the $2.75 level. Currently, the price is under a lot of pressure, and a continuation on the bearish side is a realistic option. Potential lower targets are $2.70 and $2.65 levels.</p>
<p>We need a positive consolidation and a return above $2.80 for a bullish option. After that, it is necessary to hold on to that level in order to form a bottom from which to start a new bullish consolidation. Potential higher targets are $2.85, $2.90 and $2.95 levels. We will have additional resistance in the EMA50 moving average in the zone around the $2.95 level.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-243136 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/11/ZVpdNmKC-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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