Oil and natural gas: Oil is maintained at around $91.00
- Today’s oil price movement is in the $90.60-$91.30 range.
- During the Asian trading session, the price of natural gas retreated to the $2.74 level.
Oil chart analysis
Today’s oil price movement is in the $90.60-$91.30 range. The price is under slight pressure after pulling back from the $95.00 level. We CAN say that we are now testing the EMA50 moving average in the hope of getting its support and starting a continuation of the recovery. We need a price return above the $92.00 level to see a positive step on the bullish side. Potential higher targets are $92.50 and $93.00 levels.
We need a negative consolidation and a drop in oil prices below the $90.50 level for a bearish option. After that, we could expect to see a test of the $90.00 level. A break below would indicate a continuation of the price pullback to lower levels. Potential lower targets are $89.50 and $89.00 levels.
Natural gas chart analysis
During the Asian trading session, the price of natural gas retreated to the $2.74 level. At that level, we managed to stop the pullback and start growing up to the $2.78 level. This consolidation could continue to push the price up to the $2.80 spot the market opened last night. A breakthrough above would indicate that the gas price has the strength to continue and conquer higher levels. Potential higher targets are $2.82 and $2.84 levels.
We need a negative consolidation and price pullback to this morning’s support at the $2.74 level for a bearish option. A break below would drop us to a test of the $2.72 level and the EMA50 moving average in that zone. Potential lower targets are $2.70 and $2.68 levels.
