Oil and Natural Gas: Oil is falling below the $77.50 today
The oil price continues to stumble today, forming a new weekly low at the $77.32 level.
The natural gas market, another crucial player in the energy sector, saw an increase in price that was halted at the significant $2.72 level yesterday.
Oil chart analysis
The oil price continues to stumble today, forming a new weekly low at the $77.32 level. During this morning’s Asian trading session, we saw an attempt to hold at $78.00, but a bearish impulse occurred in the EU session that broke through this support level. Currently, the price is $77.60 and is trying to hold above the new low. Bearish pressure could influence us to start a further retreat with the formation of a new lower low.
The oil price’s movement is crucially tied to the $78.20 level. Moving beyond this level is necessary to return to the bullish side. This step would see us climb above the daily open price and move to the positive side. Staying there would be key to initiating further recovery. Potential higher targets are $78.50 and $79.00 levels, providing clear targets for traders and investors.
Natural gas chart analysis
The natural gas market, another crucial player in the energy sector, saw an increase in price that was halted at the significant $2.72 level yesterday. Subsequently, we observed two strong bearish impulses and a drop to the $2.56 level. The price attempted a recovery but was halted at $2.66. From there, we reverted to the bearish side and fell to $2.54, within reach of the weekly open price of $2.53.
If we manage to hold above move above the EMA50 moving average and the $2.60 level, we will have a new opportunity to return to the bullish side. Potential higher targets are $2.70 and $2.80 levels. With the pullback below the weekly open price, natural gas is shifting to the bearish side and there is a higher chance of seeing further pullback. Potential lower targets are $2.50 and $2.40 levels. We will get more serious support in the EMA200 in the $2.40 zone.
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