Oil and natural gas: Oil remains under pressure on Wednesday
- Yesterday, we witnessed a drop in oil price to the $80.22 level, followed by a period of stabilization and recovery.
- The price of natural gas managed to stabilize above the $2.15 level.
Oil chart analysis
Yesterday, we witnessed a drop in oil price to the $80.22 level, followed by a period of stabilization and recovery. As the Asian session progressed this morning, oil remained above the $80.50 level, indicating a potential for recovery and growth. This led to an upward movement to the $81.20 level. However, we are now at a critical juncture, encountering the EMA 50 moving average in this zone. It’s crucial to note that a stronger impulse is needed to break this resistance.
There are potential higher targets at the $81.50 and $82.00 levels. However, it’s important to note that the EMA 200 moving average presents additional resistance above $82.00. For a bearish option, a negative consolidation and a new descent below the $80.50 level would be necessary. This would bring us back to this week’s support zone, with potential lower targets at the $80.00 and $79.50 levels.
Natural gas chart analysis
The price of natural gas managed to stabilize above the $2.15 level. Today’s move took us above $2.18, and we are successfully holding above it for now. The price is currently at $2.21, and we are trying to get support from the EMA 50 moving average. If the price of natural gas succeeds in this, it could continue its recovery above the $2.22 level.
Potential higher targets are $2.24 and $2.26 levels. The EMA 200 moving average is in the $2.30 zone. For a bearish option, we need a negative consolidation, a return below $2.20, and the EMA50 moving average. This brings us back to the bearish side, and we will be under pressure to test this morning’s low at the $2.17 level. Potential lower targets are $2.16 and $2.14 levels.
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