Oil and natural gas: Oil stable above the $90.00 level
- During the Asian session, the oil price moved in the $90.00-$90.60 range.
- During the Asian trading session, the price of natural gas was retreating from the $2.71 level.
Oil chart analysis
During the Asian session, the oil price moved in the $90.00-$90.60 range. At the beginning of the EU session, the price managed to climb up to the $90.80 level, and today’s high was formed there. For now, we have resistance at that level and are retreating to new support at the $90.25 level. It is possible that we will see a continuation of the growth to the bullish side and a break above the $91.00 level. Potential higher targets are $91.30 and $91.50 levels.
We need a negative consolidation and a new pullback to the $90.00 support level for a bearish option. After that, we could expect increased pressure at that level, which would produce a breakout below and the formation of this week’s new low. Potential lower targets are $89.50 and $89.00 levels.
Natural gas chart analysis
During the Asian trading session, the price of natural gas was retreating from the $2.71 level. The decline continued in the EU session with the formation of a low at the $2.67 level. We soon came across the EMA50 moving average, which could provide price support in stopping this pullback. A break below this support would mean that the price has no strength to recover, and we will see a continuation of the decline to lower levels. Potential lower targets are $2.66 and $2.64 levels.
We need a positive consolidation and a return above the $2.70 level for a bullish option. Then, we need a new breakout above in order to launch further recovery with the next impulse. Potential higher targets are the $2.72 and $2.74 levels.
