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Oil and Natural Gas: Oil continues to slide toward $75.00

  • During the Asian trading session, the oil price continued its bearish trend. 
  • During the Asian trading session, the price of natural gas hovered around the $2.80 level. 

Oil chart analysis

During the Asian trading session, the oil price continued its bearish trend. The pressure on the price seemed too much at $78.00, and there was a break below, and the oil prices continued to slide below the $77.00 level. We are now at the $76.78 level and could expect to see a continuation of the decline to the next support zone. Potential lower targets are the $76.00 and $75.00 levels.

We need a positive consolidation and a return above the $78.00 level for a bullish option. Then we would have to hold it higher and, with a new bullish impulse, trigger a further price recovery. Potential higher targets are the $79.00 and $80.00 levels.

Oil chart analysis

Natural gas chart analysis

During the Asian trading session, the price of natural gas hovered around the $2.80 level. Now we see a break below and a descent to a new low at the $2.76 level. The price could continue this trend, and we could soon see it at new lower levels. Potential lower targets are the $2.70 and $2.60 levels.

For a bullish option, we need a return to the $3.00 level as well as a move above and the formation of a new higher low. After that, we could expect to see a further recovery in gas prices. Potential higher targets are the $3.10 and $3.20 levels. Natural gas chart analysis



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