Oil and natural gas: oil is again above the $80.00 level
- During the Asian trading session, the price of oil slightly shifted from the $80.00 to $79.30 level.
- Yesterday’s natural gas price increase stopped at the $5.28 level.
Oil chart analysis
During the Asian trading session, the price of oil slightly shifted from the $80.00 to $79.30 level. Very quickly, the oil price gets support, and with a bullish impulse, it takes us above $80.00 to the $80.40 level. The next target is yesterday’s high at $81.00, and a break above it would mean a potential further increase in the price of oil. The next higher targets are the $82.00 and $83.00 levels. We need a negative consolidation and pullback below the $79.00 level for a bearish option. A fall below that level could affect oil prices to go down to the previous support zone at the $77.00 level. And if we fail to hold on there, we will see the continuation of the bearish option and the formation of a new two-week lower low. Potential lower targets are the $76.00 and $75.00 levels.
Natural gas chart analysis
Yesterday’s natural gas price increase stopped at the $5.28 level. Since then, we have been in a bearish pullback during the Asian trading session, which continued in the European session. The gas price is currently at the $5.10 level and could soon test support at the $5.00 level. On Friday, the gas price formed a new two-month low, which could add to the pressure on the price. Potential lower targets are the $4.80 and $4.60 levels. We need a positive consolidation and a break up to the $5.40 level for a bullish option. Then it is also necessary to maintain up there in order to trigger the growth of gas prices with the next bullish impulse. Potential higher targets are the $5.60 and $5.80 levels.
