Oil and Natural gas: Oil puts pressure on the $75.00 price
- The price of oil fell again to the $75.00 level.
- Gas prices continue their bearish retreat after Friday’s failure to climb above the $2.55 level.
Oil chart analysis
The price of oil fell again to the $75.00 level. Now we are trying to hold on there to stop further decline. If we fail to do so, there will be a breakout below and testing of the next lower low at the $73.80 level. If we were to break through that support, the price of oil could visit the $72.00 level.
The previous time we were in that zone was on February 6. For a bullish option, we need a positive consolidation and a return of the price to the $77.00 level. Then we need to hold on up there so that we can start further recovery with the next impulse. Potential higher targets are the $78.00 and $79.00 levels.
Natural gas chart analysis
Gas prices continue their bearish retreat after Friday’s failure to climb above the $2.55 level. During the Asian trading session, the price fell to $2.40. After which it recovered slightly to $2.50. We have resistance at that level, and the price is pulling back to $2.45. For a bearish option, we need a negative consolidation and a drop below $2.40, this morning’s support level. Potential lower targets are the $2.30 and $2.20 levels.
We need a positive consolidation and a jump above the $2.55 level for a bullish option. Then we need to keep up there so that we can start further recovery with a new impulse. Potential higher targets are the $2.65 and $2.70 levels.
