Oil chart analysis

The price of oil jumped to $84.85 per barrel yesterday. This is where we encounter resistance and see that the price starts to pull back, looking for new support. During the Asian trading session, the price hovered around the $82.70 level. At the beginning of the EU session, the price tests the $82.40 level and manages to get its support, which leads to a recovery to the $83.00 level.

Now, we need a break above to trigger a new bullish option. Potential higher targets are $84.00 and $85.00 levels. We need a negative consolidation and price pullback to the $82.00 support level for a bearish option. Additional price support is the EMA50 moving average. And if a break above occurs, the price could easily slide even lower. Potential lower targets are $81.00 and $80.00 levels.

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Natural gas chart analysis

The price of natural gas was retreating from the $3.00/MMBtu level yesterday. We did not withstand the pressure at that level, and a drop to the $2.75 level followed. During the Asian trading session, natural gas managed to consolidate and move up to the $2.80 level. Now, we need a break above it to trigger a new bullish option. Potential higher targets are $2.90 and $3.00 levels.

We need a negative consolidation and a drop below the $2.75 support level for a bearish option. Additional price support in that zone is the EMA50 moving average. The inability to stay above it will lead to a further fall and a visit to lower levels. Potential lower targets are $2.70 and $2.60 levels.

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