Oil stagnates, while natural gas rises to the $2.59 level

Oil chart analysis

During this morning’s Asian session, the oil price was above $79.50. We saw a slight bullish consolidation to $79.93. We were once again close to the $80.00 level. That level continues to be an obstacle for us, leading to a bearish impulse and a return down to the $79.50 support level. We are also testing the weekly open price there and it would be desirable to maintain above it if we plan to continue with the recovery.

Potential higher targets are $80.50 and $81.00 levels. We need a negative consolidation and pullback below the $79.50 level for a bearish option. This brings us down to a new daily low, which will increase the pressure on the price to continue falling. In the zone of the $79.00 level, we encounter the EMA200 moving average. Potential lower targets are $78.50 and $78.00 levels.

Natural gas chart analysis

The price of natural gas continued this morning last week’s growth up to the $2.59 level. A new monthly high was formed, and for now, we stop at that level. The price made a bearish impulse in the previous hour and retreated to the $2.55 level. It is possible that we will see a test of the weekly open price at the $2.53 level. The strong previous bullish trend could continue if we manage to hold above.

Potential higher targets are $2.60 and $2.62 levels. If we break above this morning’s support level, we will form a new daily low. This confirms that the price of natural gas is under pressure and that a bearish consolidation will follow. The next important level is $2.45 because that’s where we test the EMA50 moving average. Potential lower targets are $2.40 and $2.35 levels.

The post Oil stagnates, while natural gas rises to the $2.59 level appeared first on FinanceBrokerage.