Oil and natural gas: oil rises to the $83.50 level
- The price of oil yesterday made a fantastic jump to the $83.51 level.
- During the Asian trading session, the price of natural gas fell again to the $2.00 level.
Oil chart analysis
The price of oil yesterday made a fantastic jump to the $83.51 level. During the Asian trading session, the oil price managed to stay above the $83.00 level. Currently, we are still moving above that level which could mean that we could see the oil price continue to rise. Potential higher targets are the $83.75 and $84.00 levels. We need a negative consolidation and pullback below the $83.00 support level for a bearish option. If we were to break below, the price could continue to pull back to the next lower support. Potential lower levels are $82.60 and $82.20 levels.
Natural gas chart analysis
During the Asian trading session, the price of natural gas fell again to the $2.00 level. We are managing to hold above for now, but bearish pressure is still very much present on the chart. So it is possible that we could see a new decline and a test of the previous low from last week. Potential lower targets are the $1.95 and $1.92 levels. We need a positive consolidation and a jump to the $2.10 level for a bullish option. Then we need to stay up there and try to continue with further growth. Potential higher targets are the $2.14 and $2.18 levels.
