Oil and Natural Gas: Friday Targets and Prices
The oil price reached a new weekly high of $72.34 on Thursday, October 24
The price of natural gas managed to regain the $3.00 level on Thursday, October 24
Oil chart analysis
The oil price reached a new weekly high of $72.34 on Thursday, October 24. Shortly after the formation of this high, the price began to retreat, and by the end of the day, we were again below the $70.00 level. During this morning’s Asian session, oil is moving in the $70.20-$70.60 range. In the EU session, we see increasing price pressure and new testing of the $70.00 level.
Bearish momentum is building and we expect to see a break of yesterday’s low of $69.80 and the formation of a new one below. Potential lower targets are $69.50 and $69.00 levels. For a bullish option, we need a new bullish consolidation above the $70.60 level. With that step, we strengthen the bullish momentum and expect a continuation until the next resistance in the $71.00 zone. Here, we are waiting for the EMA 200 moving average, which could be an obstacle for oil to continue on the bullish side. If we break above, potential higher targets are $71.50 and $72.00 levels.
Natural gas chart analysis
The price of natural gas managed to regain the $3.00 level on Thursday, October 24. The previous time at that level, the price was on October 7. During this morning’s Asian session, the price moved in the zone around $3.00, and now we will see new pressure in the EU session. We are fighting to stay above the daily open level of $2.97. If the current bearish trend continues, we will see a break below and the formation of a new daily low.
After that, natural gas will be under greater pressure to continue withdrawal. Potential lower targets are $2.95 and $2.90 levels. For a bullish option, it is necessary for the price to maintain above the daily open level and start a bullish consolidation. After that, we have an opportunity to test the previous high. If the momentum holds, we will see the formation of a new weekly high. Potential higher targets are $3.05 and $3.10 levels.
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