Oil and Natural Gas: The price of oil remains above $78.00

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Oil and Natural Gas: The price of oil remains above $78.00

Oil and Natural Gas: The price of oil remains above $78.00

• During the Asian trading session, the price of oil managed to stay above the $78.00 level. 


• During the Asian trading session, the gas price continued the previous bearish consolidation. 

Oil chart analysis

During the Asian trading session, the price of oil managed to stay above the $78.00 level. Soon we see a new bullish impulse that takes the price up to the $80.00 level, and we are now consolidating around that level. If this consolidation continues, oil prices could move to the next high at the $82.00 level. A break above would be a good sign that we could see a bigger recovery in oil prices.

Potential higher targets are the $85.00 and $86.00 levels. For a bearish option, we need a negative consolidation and a new pullback to the previous support at the $78.00 level. A price break below could further lower oil prices. Such a move would bring us back to testing the previous support zone. Potential lower targets are the $76.00 and $74.00 levels.

Natural gas chart analysis

During the Asian trading session, the gas price continued the previous bearish consolidation. Today’s support is at the $6.60 level, while resistance is at the $7.00 level for the third day in a row. The gas price could continue the bearish trend until the next low at the $6.40 level. A price break below could continue the decline to the $6.20 level and the lower trend line.

Potential lower targets are the $6.00 and $5.80 levels. For a bullish option, we need a positive consolidation and a move to the $7.00 resistance level. A break above would be of great benefit to us, as would staying above. With a new bullish impulse, we could continue the recovery. And potential higher targets are the $7.20 and $7.40 levels.

 

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