Oil and Natural gas: Oil price in a new bullish rush
- During the Asian trading session, oil prices found support at the $75.00 level.
- The price of natural gas rose to the $6.85 resistance level yesterday.
Oil chart analysis
During the Asian trading session, oil prices found support at the $75.00 level. With the first bullish impulse, we continue the recovery and move above the $76.00 level. Today’s high, for now, was at the $76.45 level. Based on the current picture, we could expect a further continuation of the oil price increase. With the continuation of positive consolidation, the price could rise and reduce last week’s losses. Potential higher targets are the $77.00 and $78.00 levels.
We need a negative consolidation and a pullback in the oil price for the bearish option until this morning’s support at the $75.00 level. A breakout below could see oil continue to fall. Potential lower targets are the $74.00 and $73.00 levels. OPEC said in its latest monthly report that it expects continued growth in global oil demand in 2023, with potential economic growth boosted by China’s easing of Covid policies.
Natural gas chart analysis
The price of natural gas rose to the $6.85 resistance level yesterday. After that, we see a negative consolidation and a pullback in gas prices. During the Asian session, the bearish scenario continued, and the price dropped below the $6.40 level. We are looking for the next potential target and support at the $6.20 level. On Monday, the gas price managed to find support at that level.
Potential lower targets if we fail to hold are $6.00 and $5.80. For a bullish option, we need a new positive consolidation and price return to yesterday’s $6.80 resistance level. Then it is necessary to maintain up there and, with the next bullish impulse, start the continuation of the gas price recovery. Potential higher targets are the $7.00 and $7.20 levels.
