Oil and natural gas: The price of oil continues to rise
- Last night, the price of oil dropped to the $80.75 level and started a new recovery.
- The gas price is recovering today after yesterday’s drop to $3.20.
Oil chart analysis
Last night, the price of oil dropped to the $80.75 level and started a new recovery. During the Asian session, the oil price quickly consolidated, and we are now close to the $82.00 level. If oil prices are consolidated, they could enter the potential resistance zone of $82.00-$83.00. We need a break above if we want to continue on the bullish side.
After that, potential higher targets are the $84.00 and $85.00 levels. We need a negative consolidation and a drop to the $80.00 level for a bearish option. The increased pressure could result in us seeing a breakout below and further price declines. Potential lower targets are the $79.00 and $78.00 levels.
Natural gas chart analysis
The gas price is recovering today after yesterday’s drop to $3.20. During the Asian trading session, the gas price managed to rise above $3.40 and hold it there. The current consolidation is pushing the price toward the $3.50 level. For a bullish option, we need a continuation of this consolidation and a move toward the $3.60 level.
A break above would benefit us, and we would have a closer position for a new bullish impulse and further recovery of gas prices. Potential higher targets are the $3.80 and $4.00 levels. We need a negative consolidation and a drop from yesterday’s low to the $3.20 level for a bearish option. A break below would see natural gas prices continue to fall. Potential lower targets are the $3.00 and $2.80 levels.