Oil and Natural gas: the price of oil falls below $74.00
- During the Asian trading session, the oil price managed to recover to the $75.50 level.
- During the Asian trading session, the price of natural gas hovered around the $2.18 level.
Oil chart analysis
During the Asian trading session, the oil price managed to recover to the $75.50 level. We then encounter resistance at that level and see a pullback this morning to the $73.92 level. It looks like we will see a continuation of the previous bearish trend. Potential lower targets are the $73.50 and $73.00 levels.
For a bullish option, we need a new positive consolidation and a return of the price above the $75.00 level. After that, we need to hold up there in order to stop there before the next bullish impulse. Potential higher targets are the $76.00 and $77.00 levels.
Natural gas chart analysis
During the Asian trading session, the price of natural gas hovered around the $2.18 level. The pressure at that level led us to see a pullback and price drop to the $2.15 level. For now, we have stopped at that level and have some support. A price break below would mean a continuation and pullback to the $2.10 support level. In the previous two days, we tested that level twice and managed to stay above it. Potential lower targets are the $2.05 and $2.00 levels.
We need positive consolidation and a return to the zone around the $2.20 level for a bullish option. Then we would be above the previous consolidation and could expect to see further recovery. Potential higher targets are the $2.25 and $2.30 levels.
