Oil and natural gas: Oil is back below the $83.00 level

• The oil price climbed to a new three-month high on Tuesday at $84.38. 
• The price of natural gas fell to a new July low of $2.41 on Tuesday. 

Oil chart analysis

The oil price climbed to a new three-month high on Tuesday at $84.38. Up there, momentum was lost, and the price was forced to retreat. We found support last night at the $82.85 level. During this morning’s Asian trading session, the oil price moved in the $82.85-$83.35 range. We have been unable to improve further and now there is a new turn to the bearish side. Bearish consolidation has begun and the pressure is on $82.85, yesterday’s support level.

Potential lower targets are $82.50 and $82.00 levels. In the $82.00 zone, the oil price could gain more support and stop further decline in the EMA200 moving average. We need a positive consolidation and a break above the $83.50 level for a bullish option. Above that level, space opens up for us to visit more levels. Potential higher targets are $84.00 and $84.50 levels.

Natural gas chart analysis

The price of natural gas fell to a new July low of $2.41 on Tuesday. During this morning’s Asian session, we see a slight recovery and movement in the $2.42-$2.47 range. Price pressure is still present on the chart, which could have a negative impact later in the day. A breakout below us leads to a new lower low and thus confirms the continuation to the bearish side.

Potential lower targets are $2.40 and $2.35 levels. We need a positive consolidation and a move above the $2.50 level for a bullish option. There, we get the support of the EMA50 moving average, and it will be easier for us to start further growth and recovery. Potential higher targets are $2.55 and $2.60 levels. $2.60 is our weekly open price, and it would be of great importance if it returned above.