Higher Targets for Oil Price: $78.75 and $79.00 Levels

• During this morning’s Asian session, the oil price fell to a new weekly low at the $77.22 level.
• The price of natural gas retreated to the $1.73 level on Friday and formed a weekly low there.

Oil chart analysis

During this morning’s Asian session, the oil price fell to a new weekly low at the $77.22 level. After that, we get that support and start a recovery to the $78.00 level. We are back above the weekly open price, and the current consolidation could continue to push the price above that level. Already in the zone around $78.50, we encounter the EMA200 moving average, and there, we could expect greater resistance and fluctuations in the price of oil.

Potential higher targets are $78.75 and $79.00 levels. If we fail to move above $78.00, we can expect the initiation of bearish consolidations. After that, oil will be forced to test this morning’s low again. Potential lower targets are $77.00 and $76.75 levels.

Natural gas chart analysis

The price of natural gas retreated to the $1.73 level on Friday and formed a weekly low there. After that, it recovered and returned to the $1.80 level. During this morning’s Asian trading session, the price only climbed to $1.81 and is encountering resistance there. We are returning below $1.80 again and leaning to the bearish side. Falling below $1.78, we descend to a new daily low and confirm the bearish momentum.

Potential lower targets are the $1.76 and $1.74 levels. For a bullish option, you need a price move above $1.83 and the EMA200 moving average. Then, we would return above the EMA200, which could positively affect further tk and oil price recovery. Potential higher targets are $1.84 and $1.85 levels.

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