{"id":2370,"date":"2024-09-16T18:03:55","date_gmt":"2024-09-16T18:03:55","guid":{"rendered":"https:\/\/investingsstrategist.com\/index.php\/2024\/09\/16\/oil-and-natural-gas-friday-brought-oil-above-70-00\/"},"modified":"2024-09-16T18:03:55","modified_gmt":"2024-09-16T18:03:55","slug":"oil-and-natural-gas-friday-brought-oil-above-70-00","status":"publish","type":"post","link":"https:\/\/investingsstrategist.com\/index.php\/2024\/09\/16\/oil-and-natural-gas-friday-brought-oil-above-70-00\/","title":{"rendered":"Oil and Natural Gas: Friday brought oil above $70.00"},"content":{"rendered":"
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Oil and Natural Gas: Friday brought oil above $70.00<\/h1>\n

Oil\u2019s price managed to get back above $70.00 last week, forming a new weekly high at $70.32<\/span>
\nThe price of natural gas rose to $2.56 on Friday<\/span><\/p>\n

Oil chart analysis<\/h2>\n

Oil\u2019s price managed to get back above $70.00 last week, forming a new weekly high at $70.32. Soon after, however, the price lost its bullish momentum and began to retreat below the $70.00 level. Strong bearish impulses pushed the price back to the $68.50 support level. During this morning\u2019s Asian trading session, the price was holding above the $68.65 daily open price. With the beginning of the EU session, oil starts a bullish consolidation<\/a> and jumps over the $69.00 level.<\/span><\/p>\n

The price is near $69.50, which will test the EMA 200 moving average. The current momentum looks promising for a move above the moving average. With its support, optimism for a continuation to the bullish side is increasing. Potential higher targets are the $70.00 and $70.50 levels. For the bearish option, a drop in oil price below the $68.65 daily open price would mean a return to the bearish side. After that, we will see a descent and testing of lower levels on the chart.<\/span><\/p>\n<\/p>\n

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Natural gas chart analysis<\/h2>\n

The price of natural gas rose to $2.56 on Friday. After that, there was another pullback to the $2.47 support level. We managed to hold above this morning and get back up to $2.50. The price of natural gas is now back on the bullish side, with the EMA 50 moving average support. We expect a continued recovery in the EU session and the formation of a new daily high.<\/span><\/p>\n

Potential higher targets are the $2.52 and $2.54 levels. For a bearish option, the price would have to first pull back below the $2.47 support this morning. After that, natural gas will be on the negative side and under pressure to go into a deeper drawdown. Potential lower targets are the $2.44 and $2.42 levels. The EMA 200 moving average is in the $2.40 zone; there, we hope for support or a slowdown in the pullback.<\/span><\/p>\n<\/p>\n

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The post Oil and Natural Gas: Friday brought oil above $70.00<\/a> appeared first on FinanceBrokerage<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil and Natural Gas: Friday brought oil above $70.00 Oil\u2019s price managed to get back above $70.00 last week, forming a new weekly high at $70.32 The price of natural gas rose to $2.56 on Friday Oil chart analysis Oil\u2019s price managed to get back above $70.00 last week, forming a new weekly high at […]<\/p>\n","protected":false},"author":0,"featured_media":2371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2370","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\/2370","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=2370"}],"version-history":[{"count":0,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts\/2370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/media\/2371"}],"wp:attachment":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/media?parent=2370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/categories?post=2370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/tags?post=2370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}