Oil and Natural gas: The oil is still around $80.00
- The movement of oil is still calm around the $80.00 level.
- During the Asian trading session, the natural gas price stayed above the $2.00 level.
Oil chart analysis
The movement of oil is still calm around the $80.00 level. During the Asian session, the price had one pullback to $79.50 but returned again above the $80.00 level. We are now seeing a new start of bearish pressure that could push the price of oil to the bearish side and trigger a pullback. Potential lower targets are the $79.00 and $78.00 levels.
We need a new positive consolidation and a move to the $81.00 level for a bullish option. Then we need to hold up there and wait for a new bullish impulse to continue to the bullish side. Potential higher targets are the $81.50 and $82.00 levels.
Natural gas chart analysis
During the Asian trading session, the natural gas price stayed above the $2.00 level. The EMA 50 moving average is close to $2.08, and we are very close to seeing a potential move above. If we were to succeed in that, we need to move up to the $2.10 level and try to stay up there. Potential higher targets are the $2.15 and $2.20 levels.
We need a drop to the $2.00 level and a break below for a bearish option. After that, we could expect to see further declines in gas prices. Potential lower targets are the $1.98 and $1.97 levels.
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