Oil and natural gas: Oil fell to a new low this morning
- During this morning’s Asian trading session, the price of oil retreated to the $80.80 level.
- The price of natural gas managed to stabilize and stop last week’s retreat.
Oil chart analysis
During this morning’s Asian trading session, the price of oil retreated to the $80.80 level. At the beginning of the EU session, the price received support at that level and recovered to $81.80. We are now stopping there and testing the EMA 50 moving average, which is at $82.00. If we manage to move above, the next resistance is the EMA 200 at the $82.30 level.If the bullish consolidation of oil continues, it would be relieved of the pressure and could rise smoothly to higher levels.
Potential higher targets are the $82.50 and $83.00 levels. We need a new negative consolidation and pullback below the $81.00 level for a bearish option. This brings us back to this morning’s support zone. Any new pressure on that level could influence us to see an impulse below to a new weekly low. Potential lower targets are the $80.50 and $80.00 levels.
Natural gas chart analysis
The price of natural gas managed to stabilize and stop last week’s retreat. Yesterday we saw a jump to the $2.44 level, where we formed this week’s high. However, we did not have enough strength for further growth, and a pullback to the $2.34 level followed. Here the price is testing the weekly open price during this morning’s Asian session. As in previous attempts, we again received the desired support.
The price of natural gas is now at $2.38 and has the support of the EMA 50 moving average. Potential higher targets are $2.40 and $2.42 levels. For a bearish option, we need a new pullback to the weekly open price. A new descent into that zone could bring momentum below to a new low, which confirms the bearish trend. Potential lower targets are $2.32 and $2.30 levels.
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