Oil and natural gas: The oil is holding above $82.00

Oil chart analysis

During the Asian trading session, the price of oil retreated all the way to the $82.00 support level. We got support at that level, and the price started a new bullish impulse and jumped to the $83.00 level. We have resistance at the $83.00 level, and the price forms a lower high. This would lead to a new bearish consolidation with the possibility of breaking below the previous low and forming a new one.

We would once again be back below $82.00, and the price would have an opportunity to continue its retreat to lower levels. We would have additional pressure in the EMA50 moving average. Potential lower targets are $81.50 and $81.00 levels.

We need a positive consolidation and a jump above the $83.00 level for a bullish option. Then, we need to try to stay up there in order to start a further recovery with a new impulse. Potential higher targets are $83.50 and $84.00 levels.

Natural gas chart analysis

During the Asian trading session, the price of natural gas hovered around the $2.78 level. At the beginning of the EU session, we see an impulse and a jump to the $2.80 level. We did not manage to make a significant step, and the price of gas retreats a little below the $2.80 level. We still have support at the EMA50 moving average, which could influence the price to continue its recovery. Potential higher targets are $2.85 and $2.90 levels.

We need a negative consolidation and price pullback to the previous low from Friday at the $2.70 level for a bearish option. A break below it would mean that the price could start a further pullback and test lower support levels. Potential lower targets are $2.65 and $2.60 levels.

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