Oil price in a bulish trend, Natural gas falls below 1,68$
- The oil price has been in a mild bullish trend since Thursday and is falling to $80.27.
- The price of natural gas dropped to $1.64 on Friday.
Oil chart analysis
The oil price has been in a mild bullish trend since Thursday and is falling to $80.27. From that place we start the bullish consolidation that continues today. During the Asian trading session, the price reached a high at the $81,258 level. For now, we are staying below that level and moving around $81.00. On the positive side, we have EMA200 moving average support and expect to hold above.
If we succeed in this, we will be in a good position to initiate bullish consolidation and the continuation of oil price growth. Potential higher targets are $81.50 and $81.75 levels. We need a negative consolidation and a drop below the EMA200 and the $80.50 level for a bearish option. This brings us down to the bearish side, and we will be under pressure to start a bearish decline. Potential lower targets are $80.25 and $80.00 levels.
Natural gas chart analysis
The price of natural gas dropped to $1.64 on Friday. After that, we start a bullish consolidation and move above the $1.66 level until the end of the day. During this morning’s Asian trading session, the price continued its previous consolidation to $1.68, meeting resistance. From that place, we see a bearish impulse and a price drop again to the $1.66 level, where we test the weekly open price.
If we do not get the required support, the price of natural gas will be forced to slide below and visit last week’s low. Potential lower targets are $1.64 and $1.63 levels. We need a positive consolidation above the $1.68 level for a bullish option. With that, we go to a new daily high and strengthen the bullish momentum. After that, we can expect the price to start growing and visit higher levels. Potential higher targets are $1.69 and $1.70 levels.
