Oil and Natural Gas: Oil is on the positive side today
- On Friday, the oil price rose again above the $75.00 level
- On Friday, the price of natural gas retreated to the $2.14 level
Oil chart analysis
On Friday, the oil price rose again above the $75.00 level. At the start of this morning’s Asian session, we saw a bullish gap and continued price growth after that. Today’s high so far is $75.65, and everything indicates that we could soon see an impulse above and the formation of a new one. Potential higher targets are $76.00 and $76.50 levels.
For a bearish oil price option, we need harmful consolidation and closing of this morning’s bullish gap. By returning to the $74.80 level, we return to the daily open price. A little lower in the $74.60 zone, we have the EMA 200 moving average, which could slow further pullback. By falling below, we confirm the bearish momentum and the strengthening of the bearish trend. After that, oil remains to begin a retreat to new support. Potential lower targets are $74.00 and $73.50 levels.
Natural gas chart analysis
On Friday, the price of natural gas retreated to the $2.14 level. A two-week low price was formed there. After that, we managed to stabilize there and start recovery. During this morning’s Asian session, the natural gas price continued to recover to the $2.18 level. We are above the daily open price and expect to see further progress to the bullish side. Potential higher targets are the $2.20 and $2.22 levels.
By moving above $2.20, the price of natural gas receives the support of the EMA 50 moving average for further continuation to the bullish side. For the bearish option, we need new negative consolidation and a drop to the $2.14 level. There, we will test the previous low and put pressure on that level. This time, it could be an impulse below and the formation of a new one. Potential lower targets are the $2.12 and $2.10 levels.
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