Oil and natural gas: The oil falls back below $80.00
- The pressure on the price of oil continued today.
- The gas price continues below the $3.00 level this week as well.
Oil chart analysis
The pressure on the price of oil continued today. During the Asian trading session, the price of oil continued with a bearish trend. The current pressure is on the $79.00 level, and if we fail to hold here, we will see a break below and a further decline in the price of oil. Potential lower targets are the $78.00 and $77.00 levels. We need a positive consolidation and a move to the $80.00 level for a bullish option. Then we need to hold higher in order to trigger a further recovery in the price of oil. Potential higher targets are the $81.00 and $82.00 levels.
Natural gas chart analysis
The gas price continues below the $3.00 level this week as well. This morning’s low was at the $2.78 level, and now we are consolidating around the $2.80 level. Since December 15th, we have been in a strong bearish trend, and for now, the chart does not show a slowdown in the bearish option. Potential lower targets for this week are $2.70 and $2.60.
We need a positive consolidation and a return to the $3.00 level for a bullish option. Then we need to maintain that level in order to consolidate there and generate a new bullish impulse for further recovery. Potential higher targets are the $3.10 and $3.20 levels.
