Economy 29-05-2024 11:01 12 Views

Oil and natural gas: the price of oil crosses $80.50 level

Oil and natural gas: the price of oil crosses $80.50 level

The price of oil is in a strong bullish trend since the start of this week at $77.75.  This week’s natural gas price movement is in the $2.48-$2.58 range.

Oil chart analysis

The price of oil is in a strong bullish trend since the start of this week at $77.75. We are currently forming a new weekly high at the $80.54 level, but we expect further price growth to a new one. Potential higher targets are $81.00 and $81.50 levels. During this morning’s Asian trading session, oil consolidated at $80.00, after which we saw the initiation of bullish consolidation at the current level.

For a bearish option, the oil price must first drop below the $80.00 level. After that, we can expect to see a further weakening of the price and the initiation of bearish consolidation. Potential lower targets are the $79.50 and $79.00 levels. Support in the EMA200 moving average is down at the $78.50 level.

Natural gas chart analysis

This week’s natural gas price movement is in the $2.48-$2.58 range. We are now at the $2.57 level, and with the support of the EMA50 moving average, we expect to retest this week’s resistance and move above. A jump above the $2.60 level would be an ideal start for a further continuation to the bullish side. Potential higher targets are $2.65 and $2.70 levels.

For a bearish option, we need a negative consolidation of the price of natural gas to the $2.48 level. Thus, we return to the weekly open price and fall below the EMA200 moving average. This would be our third visit to this support level. With a bearish impulse, we move to a new weekly low and confirm the weakness of the natural gas price. Potential lower targets are $2.45 and $2.40 levels.

 

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