Oil and natural gas: Oil slides to $76.39 this morning
- During the Asian session, the oil price fell to $76.39, forming a new seven-day low.
- At the end of this morning’s Asian session, the price of natural gas made a bullish impulse from $2.37 to the $2.65 level.
Oil chart analysis
During the Asian session, the oil price fell to $76.39, forming a new seven-day low. After that, we see stabilization and a return above the $77.00 level. We need a positive consolidation to test today’s high at $77.50 and continue further recovery. In the $77.75 zone, we meet the EMA50 moving average. Moving above will make it easier for us to continue on the bullish side.
Potential higher targets are $78.00 and $78.50 levels. We need a negative consolidation and a return below the $77.00 level for a bearish option. With that step, we move again to the negative side and are under pressure to continue searching for new support. Potential lower targets are $76.50 and $76.00 levels.
Natural gas chart analysis
At the end of this morning’s Asian session, the price of natural gas made a bullish impulse from $2.37 to the $2.65 level. After that, we see consolidation around $2.50 with support from the EMA200 moving average in the $2.46 zone. The price is in a slight bearish consolidation, and we expect to test the support line of the moving average. If the support does not hold, a descent below will follow, which would increase pressure on the price.
Potential lower targets are $2.45 and $2.40, while the weekly open price is $2.37. However, we need to focus on the potential for a positive consolidation and a move above the $2.55 level for a bullish option. With that step, we exit the previous consolidation and form a new high. After that, we expect to start further recovery to visit higher levels. Potential higher targets are $2.60 and $2.65 levels, which should inspire hope in our analysis.
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