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Oil and natural gas: The price of oil remains above $80.00

Oil and natural gas: The price of oil remains above $80.00

During the Asian trading session, the price of oil was in the range of $80.50-$81.00. 
During the Asian trading session, the price of natural gas recovered from last week’s drop to the $1.92 level.

Oil chart analysis

During the Asian trading session, the price of oil was in the range of $80.50-$81.00. The price has been stable above $80.00 for a week and is moving without major oscillations. There is currently no indication of a potential long-term trend, and we need to pay attention to the resistance and support zones. We need a positive consolidation and a move above the $81.00 level for a bullish option. Then we also need to keep up there. Potential higher targets could be $82.00 and $82.50 levels. We need a negative consolidation and a pullback below the $80.00 level for a bearish option. With the price falling below, we could see a further pullback and the formation of a new low. Potential lower targets are the $79.00 and $78.00 levels.

Natural gas chart analysis

During the Asian trading session, the price of natural gas recovered from last week’s drop to the $1.92 level. We are now at the $1.99 level and looking to see a potential break above the $2.00 level. A jump above could happen soon. We need positive consolidation and resistance testing in the zone around the $2.05 level for a bullish option. Additional resistance in that zone is in the EMA50 moving average, and we need a break above to eliminate the bearish pressure. Potential higher targets are the $2.10 and $2.15 levels. For a bearish option, we need a continuation of the previous consolidation. In that case, we would have to test the $1.92 support level again. And a break below would mean a further fall and the formation of a new lower low. Potential lower targets are the $1.90 and $1.88 levels.

 

The post Oil and natural gas: The price of oil remains above $80.00 appeared first on FinanceBrokerage.

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