Oil and Natural Gas: The price of oil falls below $82.00
- The price of oil fell below the $82.00 level for the first time in November.
- During the Asian trading session, the price of natural gas is retreating from yesterday’s high of $6.30.
Oil chart analysis
The price of oil fell below the $82.00 level for the first time in November. During the Asian session, we saw a minor recovery, although it did not last long because a new pullback in oil prices followed. We are now below the $82.00 level and continue toward the $81.00 level. For a bearish option, we need a continuation of this negative consolidation.
In the continuation, we would go down to the $80.00 level, where we could expect some support. A price break below that level would mean we could visit the September low at $76.00. We should get back above the $82.00 level for a bullish option. Then we need a new positive consolidation that would move us away from the uncomfortable zone. Potential higher targets are the $83.00 and $84.0 levels.
Natural gas chart analysis
During the Asian trading session, the price of natural gas is retreating from yesterday’s high of $6.30. The price is now below the $6.00 level, and we could see a further pullback to the lower trend line. For something like that, we need a continuation of the current negative consolidation. And potential lower targets are $5.80 and $5.60, the previous low.
We need a positive consolidation and a return above the $6.20 level for a bullish option. Then we could expect the price to retest yesterday’s high and make a potential breakout above. After that, we must stay up there and continue the recovery with the next bullish impulse. Potential higher targets are the $6.40 and $6.60 levels.