Oil and natural gas: Oil under pressure at 77.00 level

Oil chart analysis

Today’s oil price movement is in the $77.00-$77.60 range. At the start of the Asian trading session, we saw a bullish gap. The price manages to hold in this zone and looks for an opportunity to initiate a bullish consolidation. By breaking above $77.60, we get the support of the EMA 50 moving average, and it will be easy for us to start further growth on the bullish side. Potential higher targets are $78.00 and $78.50 levels.

For a bearish option, we need an impulse below today’s moving range. After that, we expect to see the closing of this morning’s bearish gap. With that step, we are going below $76.00, and the price of oil is under serious pressure to continue further retreat. Potential lower targets are the $76.00 and $75.50 levels.

Natural gas chart analysis

During this morning’s Asian trading session, the price of natural gas hovered around the $2.10 level. With the beginning of the EU session, the price started to weaken. We are now at the $2.07 level and on the way to drop below the $2.05 level. At the start of this morning’s Asian session, we had a bullish gap, and it is possible that we will see the closing of that gap if the price pullback continues.

Potential lower targets are the $2.00 and $1.98 levels. For a bullish option, we need to stop this pullback and start a positive consolidation. Returning to the $2.10 level increases our chances of continuing to grow on the bullish side. The EMA 50 moving average reinforces the bullish optimism. Potential higher targets are the $2.12 and $2.14 levels.

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