Oil and natural gas: Oil is maintained at the $80.00 level

• On Tuesday, oil prices were very close to reaching the $85.00 level.
• The price of natural gas is in retreat this week from the $2.85 level.

Oil chart analysis

On Tuesday, oil prices were very close to reaching the $85.00 level. The oil price growth stopped at the $84.85 level, and from there, we see the beginning of the retreat. Oil fell until yesterday and formed this week’s low at $78.90. After that, we see a new bullish consolidation and a price return above the $80.00 level.

The new bullish option resistance is the $81.00 level, and we need a break above it to continue the recovery. Additional pressure at that level creates the EMA50 moving average. Potential higher targets are $81.50 and $82.00 levels. We need a negative consolidation and pullback below the $80.00 support level for a bearish option. Then, we can expect the price to drop to the previous low and test it. Potential lower targets are $79.00 and $78.00 levels.

Natural gas chart analysis

The price of natural gas is in retreat this week from the $2.85 level. Yesterday, the price fell to the $2.55 level, where it managed to gain support and initiate a recovery to the $2.65 level. There, we encounter resistance and start retreating.

During the Asian trading session, the price of natural gas hovered around the $2.60 level, and in the EU session, we saw a breakout below and a drop below yesterday’s support. A current low was formed at the $2.56 level with a view to continue the decline. Potential lower targets are $2.50 and $2.40 levels.

We need a positive consolidation and a price jump to the $2.65 level for a bullish option. Then, we need to break through so that we can stay there and start further recovery from there. Potential higher targets are $2.70 and $2.75 levels.