Oil and Natural Gas: Oil price once again at $80.00

  • During the Asian trading session, oil prices continued to recover.
  • The price of natural gas continues its bearish consolidation.

Oil chart analysis

During the Asian trading session, oil prices continued to recover. The price first managed to climb above the $78.00 level, and now it is already at the $79.75 level. We could soon expect to see the price of oil above the $80.00 level. For a bullish option, we need a continuation of positive consolidation and a move above the $80.00 level.

After that, we need to hold up there and try to continue the price recovery. The potential next resistance is at the $82.00 level, with additional resistance in the upper trend line. For a bearish option, we need another negative consolidation and pullback to the $78.00 support level. A break below would mean we could retest the previous low at the $77.00 level. Potential lower targets are $76.00 and $75.00, this week’s low.

Oil chart analysis

 

Natural gas chart analysis

The price of natural gas continues its bearish consolidation. This morning’s low was $6.87, and now we have a minor recovery above the $7.00 level. For a bearish option, we need a negative consolidation and continued pullback below the $6.80 level. After that, we could expect the gas price to continue the bearish trend. Potential lower targets are the $6.60 and $6.40 levels.

For a bullish option, we need a positive consolidation and a move above the $7.20 level. Then we need to hang in there and try to continue the recovery. Potential higher targets are the $7.40 and $7.60 levels.

Natural Gas Chart Analysis

 

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