Oil and natural gas: The oil is holding above $82.00

<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: The oil is holding above $82.00</b></h1>
<ul>
<li aria-level="1"><span>During the Asian trading session, the price of oil retreated all the way to the $82.00 support level. </span></li>
<li aria-level="1"><span>During the Asian trading session, the price of natural gas hovered around the $2.78 level.</span></li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p><span>During the Asian trading session, the price of oil retreated all the way to the $82.00 support level. We got support at that level, and the price started a new bullish impulse and jumped to the $83.00 level. We have resistance at the $83.00 level, and the price forms a lower high. This would lead to a new bearish consolidation with the possibility of breaking below the previous low and forming a new one.</span></p>
<p><span>We would once again be back below $82.00, and the price would have an opportunity to continue its retreat to lower levels. We would have additional pressure in the EMA50 moving average. Potential lower targets are $81.50 and $81.00 levels.</span></p>
<p><span>We need a positive consolidation and a jump above the $83.00 level for a <a href="https://www.financebrokerage.com/the-dollar-index-remains-on-its-bullish-path-towards-103-00/">bullish</a> option. Then, we need to try to stay up there in order to start a further recovery with a new impulse. Potential higher targets are $83.50 and $84.00 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-218805" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/Oil-chart-analysis-1024×641.jpg" alt="Oil chart analysis" width="1024" height="641" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p><span>During the Asian trading session, the price of natural gas hovered around the $2.78 level. At the beginning of the EU session, we see an impulse and a jump to the $2.80 level. We did not manage to make a significant step, and the price of gas retreats a little below the $2.80 level. We still have support at the EMA50 moving average, which could influence the price to continue its recovery. Potential higher targets are $2.85 and $2.90 levels.</span></p>
<p><span>We need a negative consolidation and price pullback to the previous low from Friday at the $2.70 level for a bearish option. A break below it would mean that the price could start a further pullback and test lower support levels. Potential lower targets are $2.65 and $2.60 levels.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-218806" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/Natural-gas-chart-analysis-1024×641.jpg" alt="" width="1024" height="641" /></p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/oil-and-natural-gas-the-oil-is-holding-above-82-00/">Oil and natural gas: The oil is holding above $82.00</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>