Oil and natural gas: Crude oil maintains around $80.00
During the Asian trading session, the oil price returned to $79.75. At the start of the Asian trading session, the price of natural gas made a bullish gap from $2.58 to $2.66.Oil chart analysis
During the Asian trading session, the oil price returned to $79.75. We got support at that level and started a new bullish consolidation from there, and we are back above the $80.00 level. We are currently holding above that level and could expect to see a continuation to the bullish side. Potential higher targets are $80.50 and $81.00 levels. Additional support for the bullish option is the EMA50 moving average.
We need a negative consolidation and pullback to the $79.50 level for a bearish option. Thus, we would fall below the EMA50 moving average, which would further increase the pressure on oil. Potential lower targets are $79.00 and $78.00 levels.
Natural gas chart analysis
At the start of the Asian trading session, the price of natural gas made a bullish gap from $2.58 to $2.66. After that, we see a slight bearish consolidation and pullback to the $2.65 level. If this consolidation continues, we can expect to see this morning’s gap closing. After that, we should see another bullish consolidation and another rise in the price of natural gas. Potential higher targets are $2.70 and $2.75 levels.
For a bearish option, you need a price pullback below the $2.55 level. After that, we would be able to visit $2.50, the previous support level. A price break below it would mean further weakening and a pullback. Potential lower targets are $2.45 and $2.40 levels.
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