Oil and Natural gas: The price of oil falls below $70.00
- During the Asian trading session, the price of oil managed to maintain around the $70.00 level.
- During the Asian trading session, the price of natural gas was maintained above the 2.15 level.
Oil chart analysis
During the Asian trading session, the price of oil managed to maintain around the $70.00 level. At the beginning of the European session, there was instability on the oil chart, and the price sbeatarted to fall. It stopped at the $66.90 level and pulled back above the $67.00 level.
For now, the price manages to stay above that level, and we need a positive consolidation to trigger a new bullish option. We need a negative consolidation and a new drop below the $67.00 level for a bearish option. After that, a space would open, and the price could fall toward the $66.00 level.
Natural gas chart analysis
During the Asian trading session, the price of natural gas was maintained above the 2.15 level. The price took advantage of that and increased to $2.20. For now, we have resistance at that level, but if the current consolidation continues, we could see a break above and continued price growth.
Potential higher targets are the $2.25 and $2.30 levels. For a bearish option, we need a negative consolidation and a drop to $2.15 from this morning’s support. A price break below would lead to the formation of a new lower low, and that would mean a further retreat of the gas price. Potential lower targets are the $2.10 and $2.00 levels.
