Oil and Natural Gas: Oil remains high above $82.00
- During the Asian trading session, the oil price was retreating from the $83.26 level.
- During the Asian trading session, the price of natural gas was consolidated above the $2.58 level.
Oil chart analysis
During the Asian trading session, the oil price was retreating from the $83.26 level. We are currently at the $82.40 level, and based on today’s consolidation, we can expect a continued pullback to the $82.00 level. Depending on the bearish pressure, the formation of a new low will also depend. Potential lower targets are $81.50, $81.00 and $80.50 levels.
Additional price support could be at the $80.50 level in the EMA50 moving average. We need a positive consolidation and a move to the $82.50 level for a bullish option. Then we need to hold on up there and, with a new impulse, go to the previous high, an 83.26$ level. Potential higher targets are $83.50 and $84.00 levels.
Natural gas chart analysis
During the Asian trading session, the price of natural gas was consolidated above the $2.58 level. In the EU session, we see a bullish impulse and a push to the $2.60 level. If we managed to hold on here now, we could start a further recovery and increase gas prices. Potential higher targets are $2.62 and $2.64 levels.
We need a negative consolidation and a price pullback below the $2.58 level for a bearish option. With a breakout below, gas prices would fall below the EMA50 moving average, which would have a negative impact. Potential lower targets are $2.56 and $2.54 levels. Natural gas has been in a bearish trend since July 26 after rising to the $2.76.
