- The oil price is successfully recovering after Wednesday's pullback to the $70.59 level.
- The price of natural gas has followed a downward trend this week.
Oil chart analysis
The oil price is successfully recovering after Wednesday's pullback to the $70.59 level. Most of the oil price movement occurred around the $73.00 level yesterday. After the successful consolidation, we saw bullish momentum and a jump to the $74.00 level. During the Asian session, we successfully stayed in the range of $73.80-$74.00. We are now at the beginning of bullish momentum that is slowly breaking the $74.00 level. Next we expect to see further growth in the oil price and the formation of this week's new high.
The possible highest targets are the $74.50 and $75.00 levels. We need a negative consolidation and a pullback to $73.50 for a bearish option. Therefore, we would fall below this morning's support level. The price would be under more pressure to continue with new setbacks. The possible lower targets are the $73.00 and $72.50 levels.
Analysis of natural gas charts.
The price of natural gas has followed a downward trend this week. We are currently watching the formation of this week's low at the level of $2.66. We started the week at $3.00 and have been pulling back ever since. Additional pressure is created by the moving average EMA200, which in the previous days did not allow us to overcome it. Based on this, we expect to see a continued pullback and the price of natural gas to fall to lower levels. The possible lower targets are the $2.60 and 2.504 levels.
For a recovery, we must first consolidate above the $2.70 level. In this way, the fall would be stopped and we could begin with a positive consolidation to conquer higher levels. The possible highest targets are the $2.75 and $2.80 levels. In the area around $2.80, we again meet the EMA200 moving average, and there we expect new major resistance to further growth.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);fbq(‘init’,’504526293689977′);fbq(‘track’,’PageView’)
