- The price of oil rose to $83.17 on Thursday.
- The price of natural gas fell to $1.57 yesterday, a new weekly low.
Oil chart analysis
The price of oil rose to $83.17 on Thursday. There we form a new annual value of oil. The price is now at $83.00, and we expect to see a continuation of the uptrend next week. Today is Friday, and the market is closed for the Easter holiday. We will continue on Monday. Possible higher targets are $83.50 and $84.00 levels.
If we want to move to the downside, the area around $82.50 is important. We had a previous consolidation area there, and a drop below that level will only reinforce the downward momentum for the oil price. After that, we can expect a decline in search of new support. Possible lower targets are the $82.00 and $81.50 levels. Additional support in the area around $82.00 is the EMA50 moving average.
Natural gas chart analysis
The price of natural gas fell to $1.57 yesterday, a new weekly low. We find support at this level and return above $1.60 to the upside. After that, we start with positive consolidation and go up to the $1.34 level. In the US trading day, we got inventory news related to natural gas. The data showed that the withdrawal of natural gas from reserves was greater than expected.
Gas reacted positively to this news, and its price jumped to $1.66. We tested the weekly opening price there, but we were unable to stay at that level. Additional pressure was created by the EMA200 moving average in that area, and the price fell to the $1.62 level. Here we get new support and close the market at $1.63. After the positive news, we expect the price of natural gas to continue to rise.
