Oil and Natural Gas: Oil is looking for support at $81.00

<div><img width="1200" height="675" src="https://www.financebrokerage.com/wp-content/uploads/2023/01/Fuel-Oil-2.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="The Impact of Market Structure on Oil Trading" decoding="async" loading="lazy" /></div><h1><b>Oil and Natural Gas: Oil is looking for support at $81.00</b></h1>
<ul>
<li aria-level="1"><span>In the Asian session, we saw a bullish impulse, pushing the oil price to $82.00. </span></li>
<li aria-level="1"><span>During the Asian trading session, the price of natural gas recovered above the $2.55 level. </span></li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p><span>In the Asian session, we saw a bullish impulse, pushing the oil price to $82.00. This is where we encounter resistance and see a pullback to the $81.00 level. A bearish impulse preceded this drop, and we are now looking at where the price could find new support. If the current bearish impulse continues, the price should slide to the $80.00 level. Potential lower targets are $79.00 and $78.00 levels.</span></p>
<p><span>We need a positive consolidation and a jump to the $82.00 level for a bullish option. We would get additional support in the <a href="https://www.financebrokerage.com/gold-and-silver-gold-climbs-to-1965-and-above-ema50/">EMA50</a> moving average by crossing above the $81.50 level. After that, a breakthrough above the previous low is needed and an attempt to maintain it up there. Potential higher targets are $83.00 and $84.00 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-219901" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/Oil-chart-analysis-2-1024×619.jpg" alt="Oil chart analysis" width="1024" height="619" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p><span>During the Asian trading session, the price of natural gas recovered above the $2.55 level. On Friday, we saw a drop and pullback to the $2.50 level, where the price managed to gain support, consolidate and start a recovery. Today’s high price is $2.62, and we continue to move above the $2.60.</span></p>
<p><span>Potential higher targets are $2.65 and $2.70 levels. Additional resistance of the bullish option price could be found in the EMA50 moving average around the $2.65 level. We need a negative consolidation and pullback below the $2.55 level for a bearish option. After that, we would be in a position to hit the $2.50 support level again. A break below would form a new low and thus confirm the bearish side. Potential lower targets are $2.45 and $2.40 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-219902" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/Natural-gas-chart-analysis-1-1-1024×619.jpg" alt="Natural gas chart analysis" width="1024" height="619" /></p>
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