Oil and natural gas: Oil finds new support this morning
- During this morning’s Asian trading session, the oil price was maintained around the $73.00 level
- The new weekly high price of natural gas was formed on Tuesday at the $2.37 level
Oil chart analysis
During this morning’s Asian trading session, the oil price was maintained around the $73.00 level. A slight bullish consolidation is on the chart up to the $73.50 level. Just above is the EMA 50 moving average, which could be an obstacle to further oil price recovery. If we were to see a break above this time, it would lead us to a new daily high. They would also get support from the EMA 50 to continue to the bullish side.
Potential higher targets are the $74.00 and $74.50 levels. For a bearish option, we need a negative consolidation and a drop in oil prices below the $73.00 level. With that step, the bearish momentum is strengthened, and the price would be under pressure to start a further retreat. Potential lower targets are the $72.50 and $72.00 levels.
Natural gas chart analysis
The new weekly high price of natural gas was formed on Tuesday at the $2.37 level. After that, the price fell back to $2.28 with a couple of strong bearish impulses. During this morning’s Asian trading session, we moved in the $2.29-$2.32 range. There, we get support from the EMA 50 moving average and break the previous range of the move. With that, we formed a new daily high at the $2.34 level. For now, we are staying in that zone and need new impulses to continue to the bullish side.
Potential higher targets are the $2.36 and $2.38 levels. For a bearish option, we need a negative consolidation and a drop below the $2.30 level. This would put the price of natural gas under pressure to strengthen the bearish momentum. Potential lower targets are the $2.28 and $2.26 levels. The EMA 200 moving average provides additional support for the price at $2.26.
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