Oil and natural gas: the price of oil falls to $76.70
- This morning, the oil price fell below $77.00, forming a new lower low of $76.70.
- The price of natural gas finds support at $2.16 during the Asian trading session.
Oil chart analysis
This morning, the oil price fell below $77.00, forming a new lower low of $76.70. We now have support at that level and see a minor recovery to the $77.30 level. For a further continuation to the bullish side, we need a price rise above $77.50. Then it would be good to hold up there, and with positive consolidation, we could continue with the recovery. Potential higher targets are the $78.00 and $78.50 levels. We need a negative consolidation and a new price decline for a bearish option until this morning’s support. With a break below that level, we would continue the bearish scenario and form a new low. Potential lower targets are the $76.00 and $75.00 levels.
Natural gas chart analysis
The price of natural gas finds support at $2.16 during the Asian trading session. The price is now in bullish consolidation up to the $2.20 level. We need a break above the $2.25 level and stay up there. Then with the continuation of the bullish consolidation, we could expect to see further recovery in the price of natural gas. Potential higher targets are the $2.30 and $2.35 levels. We need a negative consolidation and pullback below the $2.10 level for a bearish option. After that, we could expect to see a continuation of the decline and a visit to the $2.00 support level.
