Oil and Natural Gas: Oil climbed to a new weekly high

Oil chart analysis

Thursday saw a significant uptick in the oil market, with the price reaching a new weekly high of $76.52. This momentum continued into the morning’s Asian trading session, with the price fluctuating in the $75.90-$76.40 range. The EMA 200 moving average played a crucial role, providing support and solidifying the position above $75.00. This is a strong indicator of the market’s stability and the potential for a continued bullish trend. The $77.00 and $77.50 levels are within reach as potential higher targets.

However, it’s important to consider the potential for a bearish turn. If the oil price were to retreat below $75.00 and the EMA 200 moving average, we would see a shift back to the bearish side. This could lead to increased pressure on the oil price, potentially pushing it down to new support levels at $74.50 and $74.00. It’s crucial to be prepared for these potential market movements.

Natural gas chart analysis

This week was very positive for the price of natural gas. After returning above the $2.00 level on Tuesday, the price is gaining momentum on the bullish side. We then see a cross over the EMA 200 moving average, which further supports the bullish option. On Thursday, the price climbed to a new weekly high at the $2.23 level. During this morning’s Asian session, the price movement is in a narrow range of $2.19-$2.21.

Chances are increasing that we will see a new bullish impulse and climb to a new high. Potential higher targets are the $2.25 and $2.30 levels. For a bearish option, the price of natural gas would take a step down to the $2.15 level. There, we will test the EMA 50 moving average. If the support is not sufficient, the price will have to start a further retreat. Potential lower targets are the $2.10 and $2.05 levels. 

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