Oil and natural gas: The price of oil falls to the $75.00
- The price of oil fell back to the $75.00 level this morning
- During the Asian trading session, the gas price continues its negative consolidation, going down to the $2.10 level.
Oil chart analysis
The price of oil fell back to the $75.00 level this morning. The bearish trend from Monday continues from the $78.00 level. If this kind of consolidation continues, a break below is the expected next move in oil prices. After that, we have to pay attention to the previous support zone of $72.00-$73.00.
By going down to that zone, the oil price would be at that point for the third time this year, which could increase the pressure and prolong the further decline toward the $70.00 level. For the bullish option, only when we get back above $78.00, then can we think about it.
Natural gas chart analysis
During the Asian trading session, the gas price continues its negative consolidation, going down to the $2.10 level. There are increasing chances that we could see a drop to the $2.00 level and try to get support there. If we fail to do so, the gas price will fall below the $2.00 level.
For now, the price drop has stopped at $2.10, and we need a new positive consolidation and the formation of a bottom in order to initiate a possible recovery. It would be of great importance if we returned to the $2.25 level because we would enter the previous consolidation zone. Potential higher targets are the $2.30 and $2.35 levels.
