- During the Asian session, the oil price retreated from $81.20 to reach support at the $80.51 level.
- The price of natural gas is in a downtrend after yesterday's jump to the $1.69 resistance level.
Oil chart analysis
During the Asian session, the oil price retreated from $81.20 to reach support at the $80.51 level. With the new support, we start the recovery and break above the moving average of $81.00 and EMA200 again. We hope to stay here, start further positive consolidation and continue on the bullish side, rising to higher levels. The possible highest targets are the $81.50 and $82.00 levels.
If we fail to hold above the EMA200 and the $81.00 level, the oil price will have to start to retreat. We look back towards the previous low at the $80.50 level as we test it. A new presence in that area could push the price of oil to a new daily low. The possible lower targets are the $80.00 and $79.50 levels.
Analysis of natural gas charts.
The price of natural gas is in a downtrend after yesterday's jump to the $1.69 resistance level. From there, we began a pullback that continued throughout the Asian session, falling below the $1.65 level. In the EU session, pressure continues on the gas price, falling to a new daily low at the $1.62 level. We are now testing the weekly low price because we were here on Monday, so we recovered.
Now, it would be easy for us to drop to a new low and thus extend the bearish option. The possible lower targets are the $1.61 and $1.60 levels. We must first break above the $1.66 level again to have a bullish option. Thus, we surpassed the weekly opening price and increased optimism about starting a recovery. The possible highest targets are the $1.67 and $1.68 levels. The EMA200 moving average is slightly higher, around the $1.69 level.
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