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Oil and natural gas: The oil price is retreating again

  • The price of oil rose to $77.85 yesterday and found resistance there.
  • The price of gas rose to $27.77 yesterday. 

Oil chart analysis

The price of oil rose to $77.85 yesterday and found resistance there. During the Asian trading session, the price fell below $77.00 and continued to the $76.30 level. If the current negative consolidation continues, the price of oil could make a breakthrough below the $76.00 level.

In the future, we would very quickly find ourselves at $75.00, which could put additional pressure on the price and move it even lower. Potential lower targets are the $74.00 and $73.00 levels. For a bullish option, we need a break above $78.00. After that, we could think about continuing the recovery.

Oil chart analysis

Natural gas chart analysis

The price of gas rose to $27.77 yesterday. Below we see that we have resistance there and a pullback followed during the Asian session. For now, we have support at $2.70 and are managing to hold above. We need a break above the $2.80 level for a bullish option. Then we also need to keep up there.

After that, we would start the recovery with a new positive consolidation. Potential higher targets are the $2.85 and $2.90 levels. We need a negative consolidation and price pullback to the $2.60 level for a bearish option. A price breakout below helped us continue the bearish option. Potential lower targets are the $2.50 and $2.40 levels.

Natural gas chart analysis



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