Oil and Natural Gas: the oil is testing the $80.00 level

• During the Asian trading session, the price of oil has continued to rise since yesterday.
• During the Asian trading session, the price of natural gas encounters resistance at the $6.90 level.

Oil chart analysis

During the Asian trading session, the price of oil has continued to rise since yesterday. If this trend continues, oil prices could again be above the $80.00 level. Additional resistance at that level is in the upper trend line. To continue the bullish option, we need a break above and a positive consolidation to move us further. Potential higher targets are the $81.00 and $82.00 levels.

For a bearish option, we need a negative consolidation and a pullback of the oil price to the $78.00 level. A break below could intensify bearish pressure. This would lead to a further decline in the oil price to the previous support levels. Potential lower targets are the $76.00 and $74.00 levels.

Natural gas chart analysis

During the Asian trading session, the price of natural gas encounters resistance at the $6.90 level. The price is retreating to the $6.80 level, and for now, it is managing to stay at that level. For the bearish option, we need a negative consolidation and further pullback to the next support at the $6.60 level.

A price break below could take us down to $6.40, our support from the start of the week. Potential lower targets are the $6.20 and $6.00 levels. For a bullish option, we need a positive consolidation and a return above the $6.80 level. The next important target is the $7.00 level, and we need a break above it for further recovery of the gas price. Potential higher targets are the $7.20 and $7.60 levels.