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

  • Thursday saw a significant uptick in the oil market, with the price reaching a new weekly high of $76.52. 
  • This week was very positive for the price of natural gas. 

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.

Oil chart analysis

 

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. 

Natural gas chart analysis

 



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