{"id":1403,"date":"2024-08-28T12:08:02","date_gmt":"2024-08-28T12:08:02","guid":{"rendered":"https:\/\/investingsstrategist.com\/index.php\/2024\/08\/28\/oil-and-natural-gas-oil-is-moving-away-from-the-weekly-high\/"},"modified":"2024-08-28T12:08:02","modified_gmt":"2024-08-28T12:08:02","slug":"oil-and-natural-gas-oil-is-moving-away-from-the-weekly-high","status":"publish","type":"post","link":"https:\/\/investingsstrategist.com\/index.php\/2024\/08\/28\/oil-and-natural-gas-oil-is-moving-away-from-the-weekly-high\/","title":{"rendered":"Oil and natural gas: Oil is moving away from the weekly high"},"content":{"rendered":"<div>\n<div><\/div>\n<h1>Oil and natural gas: Oil is moving away from the weekly high<\/h1>\n<p><span>Oil\u2019s price is retreating after climbing to $77.60 on Monday<\/span><br \/>\n<span>The price of natural gas fell to $2.06 yesterday, reaching a new three-week low<\/span><\/p>\n<h2>Oil chart analysis<\/h2>\n<p><span>Oil\u2019s price is retreating after climbing to $77.60 on Monday. For the above, we did not have enough momentum, and the price started a bearish consolidation. During this morning\u2019s Asian trading session, we saw a continuation of the decline and a break below the EMA 200 moving average. That reinforced bearish <a href=\"https:\/\/www.financebrokerage.com\/eurusd-and-gbpusd-eurusd-is-slowing-the-bullish-scenario\/\">momentum<\/a> below the $75.00 level. A new weekly low has now been formed at the $74.30 level.<\/span><\/p>\n<p><span>All indicators show that we can expect a further pullback to the new lower low. Potential lower targets are $74.00 and $73.50 levels. We need a positive consolidation and a return above the EMA 200 and $75.50 for a bullish option. With that step, the chances of oil staying on the bullish side and starting a further recovery are increasing. Potential higher targets are $76.00 and $76.50 levels.<\/span><\/p>\n<\/p>\n<p>\u00a0<\/p>\n<h2>Natural gas chart analysis<\/h2>\n<p><span>The price of natural gas fell to $2.06 yesterday, reaching a new three-week low. Today\u2019s movement is in the $2.10-$2.12 range and the price looks stable for now. We could expect an impulse that would push the price above $2.14 and thereby gain support from the EMA 50 moving average. With the new support, the bullish momentum will increase and continue to the bullish side. Potential higher targets are the $2.16 and $2.18 levels.<\/span><\/p>\n<p><span>In the $2.18 zone, natural gas will test the weekly open price and move closer to the MA 200 moving average. For a bearish option, we need a pullback below the $2.10 level. This moves us to a new daily low and confirms the growth of bearish momentum. Price would be under pressure to test the previous low and make a new one. Potential lower targets are $2.06 and $2.04 levels.<\/span><\/p>\n<\/p>\n<p>\u00a0<\/p>\n<p>The post <a href=\"https:\/\/www.financebrokerage.com\/oil-and-natural-gas-oil-is-moving-away-from-the-weekly-high\/\">Oil and natural gas: Oil is moving away from the weekly high<\/a> appeared first on <a href=\"https:\/\/www.financebrokerage.com\/\">FinanceBrokerage<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil and natural gas: Oil is moving away from the weekly high Oil\u2019s price is retreating after climbing to $77.60 on Monday The price of natural gas fell to $2.06 yesterday, reaching a new three-week low Oil chart analysis Oil\u2019s price is retreating after climbing to $77.60 on Monday. For the above, we did not [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":1404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts\/1403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/comments?post=1403"}],"version-history":[{"count":0,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts\/1403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/media\/1404"}],"wp:attachment":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/media?parent=1403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/categories?post=1403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/tags?post=1403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}