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Oil and natural gas: The price of oil is again at $80.00

  • Yesterday, the oil price retreated from the resistance zone to the $80.00 level.
  • Gas price growth stopped yesterday at the $3.50 level. 

Oil chart analysis

Yesterday, the oil price retreated from the resistance zone to the $80.00 level. Attempt to break above $82.00 ended in failure. The price did not have the strength to continue on the bullish side, and a pullback followed. During the Asian trading session, the oil price hovered around $80.00, with a minor jump to $79.60, but the price soon returned to its initial position. We need a negative consolidation and a more precise pullback below the $80.00 level for a bearish option.

A drop to $78.00 and a test of the previous low could be very significant for oil prices. A break below could extend the decline in oil prices for a longer period. Potential lower targets are the $77.00 and $76.00 levels. For a bullish option, we need a positive consolidation and a return up to resistance at the $82.00 level. A break above would increase optimism that we could see a continuation of the price rise. Potential higher targets are the $84.00 and $85.00 levels.

Oil Chart Analysis

Natural gas chart analysis

Gas price growth stopped yesterday at the $3.50 level. From that position, the price retreated, and a bearish consolidation was initiated. During the Asian trading session, the gas price continued to fall, forming a new lower low at the $3.10 level. We are currently at the $3.15 level, but with a lot of pressure on the price to continue the pullback.

Potential lower targets are the $3.00 and $2.80 levels. We need a positive consolidation and a return to the $3.40 level for a bullish option. This would allow us to climb above the upper trend line, which could contribute to continuing the recovery. Potential higher targets are the $3.50 and $3.60 levels.

Natural gas chart analysis

 

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