Oil and Natural Gas: The price of oil continues to retreat
- Yesterday, the price of oil made a pullback from $82.00 to the $78.00 level.
- Yesterday, the gas price formed a new two-month high at the $7.55 level.
Oil chart analysis
Yesterday, the price of oil made a pullback from $82.00 to the $78.00 level. During the Asian trading session, the price was in the range of $77.50-$78.00. The pressure on oil prices appears to remain high, which could lead to a further decline below this support. Potential lower targets are the $76.00 and $75.00 levels. For a bullish option, we need a positive consolidation and a move above the $78.00 level.
In the continuation, the price could move up to the $79.00-$80.00 zone. If we could manage to stay up there, we would have a solid chance to see a continuation of the recovery. And potential higher targets are the $81.00 and $82.00 levels.
Natural gas chart analysis
Yesterday, the gas price formed a new two-month high at the $7.55 level. The price did not manage to stay up there for long, and a pullback to the $7.00 level followed. During the Asian trading session, the gas price managed to maintain that level. Increased pressure at that level could make a break below and continue the bearish trend. Potential lower targets are $6.80, $6.60, and the $6.40 previous low. For a bullish option, we need a positive consolidation and price movement to the $7.20 level. A break above could trigger a new bullish impulse and continued gas price recovery. After that, we would probably visit the $7.60 resistance level again. Potential higher targets are the $7.80 and $8.00 levels.
