Oil falls to $75.00, while natural gas struggles with $2.55

Oil chart analysis

Yesterday, we saw a drop in the price of oil by almost $5, from $79.56 to the $75.13 level. An attempt to reach the $80.00 level ended unsuccessfully. During the previous Asian trading session, we saw a recovery to the $76.00 level, but for now, we remain below it and fail to move above and release the bearish pressure. This could lead to a test of yesterday’s support level.

A break below would further increase the pressure on the price of oil and send it to lower levels. Potential lower targets are $74.50 and $74.00 levels. For a bullish option, we need a positive consolidation and a jump to the $76.50 level, where we would test the EMA50 moving average.

A move above would relieve the price of bearish pressure, and we could see a continuation of the oil price recovery. Potential higher targets are $77.00 and $77.50 levels.

Natural gas chart analysis

The price of natural gas is in the support zone of $2.53-$2.64 for the third day in a row. At the end of this week, we remain under pressure, which could lead to a breakout below and the formation of a new low. With that, we could also expect to see a continued pullback to lower levels next week. Potential lower targets are $2.50 and $2.45 levels.

We need a positive consolidation and a move to the $2.65 level for a bullish option. Then, we would have to try to hold there in order to be able to attack the EMA50 moving average and move above it. Potential higher targets are $2.70 and $2.75 levels.

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