Oil and Natural Gas: The Price of Oil Retreated to$88.20

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Oil and Natural Gas: The Price of Oil Retreated to$88.20

Oil and Natural Gas: The Price of Oil Retreated to $88.20

• During the Asian trading session, the price of oil retreated to the $88.20 level.


• Since the beginning of trading last night, gas prices have jumped by 6.0%.

Oil chart analysis

During the Asian trading session, the price of oil retreated to the $88.20 level. On Friday, the price tried to climb above the $90.00 level, but it was unsuccessful, and we only formed a new lower high. Today’s support is at the $88.00 level. Increased bearish pressure at this level could lead to a breakout below and a further decline in oil prices.

For a bearish option, we need a negative consolidation that would affect further price decline. Potential lower targets are the $86.00 and $85.00 levels. Additional support at the $85.00 level is in the lower trend line. For a bullish option, we need a positive consolidation and a return to the $90.00 level. Then we need to break above and try to stay up there. Potential higher targets are the $92.00 and $94.00 levels.

Natural gas chart analysis

Since the beginning of trading last night, gas prices have jumped by 6.0%. During the Asian trading session, the price was in a bullish consolidation. Based on the current picture, we could expect a further recovery in the price of natural gas. We are now testing the $6.00 level and need a break above for further continuation on the bullish side.

Potential higher targets are the $6.20 and $6.40 levels. We need a negative consolidation and a new drop to this morning’s support level for a bearish option. Thus, the gas price would have to fall to $5.60. Additional support at that level is in the trend line below. A price break below and staying below could further lower the price. Potential lower targets are the $5.40 and $5.20 levels.

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