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Oil and Natural Gas: Oil prices continue to fall

  • The price of oil is recovering after falling to $77.20 on Friday.
  • During the Asian trading session, gas prices consolidated around $6.00.

Oil chart analysis

The price of oil is recovering after falling to $77.20 on Friday. During the Asian trading session, the price recovered to the $80.00 level, and we are now moving slightly below that level. The current picture shows us that we could see a continuation of the recovery to the next resistance zone around the $82.00 level. For a bullish option, we need to hold up there and try to break above.

After that, potential higher targets are the $83.00 and $84.00 levels. For the bearish option, we need negative consolidation and a break below the $80.00 support level. After that, the oil price will continue bearish consolidation down to the next support zone, around $76.00. If we do not find support in that area, the oil price will probably continue on the bearish side.


Oil chart analysis

Natural Gas chart analysis

During the Asian trading session, gas prices consolidated around $6.00. Currently, the gas prices could break above and rise to the $82.00 resistance level. for a bullish option, and we need a continuation of positive consolidation and a break above the $6.40 level. After that, we need to stay above the $6.20 level in order to start a further recovery with a new bullish impulse.

Potential higher targets are $6.60 and the $6.80 November high. For a bearish option, we need a negative consolidation and a return below the $6.00 level. After that, the gas price could drop to support the $5.80 level, where we have additional support in the lower trend line. A price breakout below would add bearish pressure on gas prices. Potential lower targets are the $5.60 and $5.40 levels.

Natural chart analysis

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