Oil and natural gas: The price of oil climbs to $78.00
- Oil price managed to break away from the bearish pressure that it had below the $75.00 level.
- Yesterday, the gas price managed to rise and rise above the $2.60 level.
Oil Chart Analysis
Oil price managed to break away from the bearish pressure that it had below the $75.00 level. During the Asian trading session, the oil price found support at the $77.00 level and jumped up to the $78.00 level with a new bullish impulse. The current price is $78.25; if this bullish impulse continues, we could climb to the $79.00 level.
And above, we would be close to testing the $80.00 level. For a bearish option, we need a negative consolidation and a price pullback below the $77.00 level first. After that, the price of oil could extend to the bearish side. Potential lower targets are the $76.00 and $75.00 levels.
Natural Gas Chart Analysis
Yesterday, the gas price managed to rise and rise above the $2.60 level. During the Asian trading session, the gas price continued its bullish consolidation, moving above the $2.70 level. If this movement continues, we could soon climb to the $2.80 level. This would allow us to make a good bullish move and move away from this year’s low.
Potential higher targets are the $2.90 and $3.00 levels. We need a negative consolidation and a pullback below the $2.60 level for a bearish option. This would bring us closer to the uncomfortable zone again, which could increase the already present bearish pressure. Potential lower targets are the $2.50 and $2.40 levels.
