Oil and natural gas: The price of oil falls below $75.00
- During the Asian trading session, the price of oil fell below the $73.00 level.
- During the Asian trading session, the price of natural gas continued to recover from yesterday’s drop to the $5.10 level.
Oil chart analysis
During the Asian trading session, the price of oil fell below the $73.00 level. This morning’s low was at $72.70. The price of oil finds support there and starts a new recovery. We are currently at $74.30 and could soon find ourselves at the $75.00 level. For a bullish option, we need a new positive consolidation and a move above the $75.00 level. With that, we would be able to form a new bottom. Then we need to hold above and continue the oil price recovery with the next bullish impulse.
Potential higher targets are the $76.00 and $77.00 levels. For a bearish option, we need a negative consolidation and a new decline to the $73.00 level. A price break below would once again increase the bearish pressure, leading to a continuation of the price decline. Potential lower targets are the $72.00 and $71.00 levels.
Natural gas chart analysis
During the Asian trading session, the price of natural gas continued to recover from yesterday’s drop to the $5.10 level. The current gas price is $5.40, and for now, we can say that this is a stable bullish consolidation. We need a continuation of this consolidation in order to see further recovery in gas prices. The next important level is $5.60; we could expect some resistance there.
A price break above would take us up to $5.80, and the potential next target is the $6.00 level. For a bearish option, we need a negative consolidation and a new price pullback to yesterday’s support level. We would again have to look for support at the $5.00 level. A break below could form a new lower low, and potential lower targets are the $4.80 and $4.60 levels.
