Oil and natural gas: Energy prices are under pressure
- The price of oil fell below the $80.00 level for the first time yesterday.
- The price of natural gas continued to fall yesterday.
Oil chart analysis
The price of oil fell below the $80.00 level for the first time yesterday. During the Asian trading session, the oil price managed to move around that zone. Further bearish pressure is also visible, and we could expect oil prices to start sliding slowly. For a bearish option, we need a negative consolidation and a drop below yesterday’s low at $79.50.
After that, we could expect to see a continuation of the decline. Potential lower support targets are the $79.00 and $78.00 levels. We need a positive consolidation and a price return above the $80.50 level for a bullish option. Then we need to keep up there in order to start a new recovery with a new impulse. Potential higher targets are the $81.00 and $82.00 levels.
Natural gas chart analysis
The price of natural gas continued to fall yesterday. During the Asian session, the gas price fell to a new low at the $2.93 level, breaking through the $3.00 barrier. All signs on the chart indicate that we could see a continuation of the bearish trend. Potential lower targets are the $2.90 and $2.80 levels.
We need a positive consolidation and a price return above the $3.00 level for a bullish option. Then we need to stay up there in order to consolidate and start the recovery. Potential higher targets are the $3.10 and $3.20 levels.
