- The price of oil fell this week from the level of $88.28.
- The price of natural gas rose to $3.50 this morning.
Oil chart analysis
The price of oil fell this week from the level of $88.28. On Wednesday we saw a drop to the $82.06 level, after which the price started to recover until reaching the resistance at the $85.50 level. Then, we see a fresh pullback to $82.50, where we once again held and returned above the $84.00 level with fresh momentum.
For now, we remain above that level and try to find support to continue towards the bullish side. The highest potential targets are the $85.00 and $86.00 levels.
The EMA50 would represent a hurdle for us in the area around the $85.50 level. We need a negative consolidation and a price retracement below the $83.00 level for a bearish option.
After that, we would again have the opportunity to approach the previous support zone. The possible lower targets are the $82.00 and $81.00 levels.
Analysis of natural gas charts.
The price of natural gas rose to $3.50 this morning. Before that, we consolidated for a long time around the $3.00 level, after which the price broke above the EMA50 moving average and started a bullish consolidation. The current price is $3.57 and we could expect to see a continuation and a break above the $3.60 level.
The possible highest targets are the $3.65 and $3.70 levels. We need a negative consolidation and a price retracement below the $3.50 level for a bearish option. After that, we could expect to see a new pullback towards the bearish side. The possible lowest targets are the $3.45 and $3.40 levels.
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