Oil and Natural Gas: The Price of Oil Is Between $84.50 $85

• During the Asian trading session, the price of oil moved stably in the range of $84.50-$85.00.
• The gas price growth stopped yesterday at the $5.60 level.

Oil chart analysis

During the Asian trading session, the price of oil moved stably in the range of $84.50-$85.00. We saw a bullish impulse in the European session that raised the oil price to $86.00. For now, we have a barrier here and need a move above to continue to the resistance zone at the $87.00 level. 

To continue the bullish option, we must hold there and try to move above. With further bullish consolidation, we could expect continued recovery. Potential higher targets are the $88.00 and $90.00 levels. For a bearish option, we need a negative consolidation and pullback below the $85.0 level. 

Then, we could expect a further pullback in oil price into this week’s $82.00-$83.00 support zone. A break below would signal to us that there could be a further drop in the price of oil. Potential lower targets are the $80.00 and $79.00 levels.

Natural gas chart analysis

The gas price growth stopped yesterday at the $5.60 level. Since then, we have been in a bearish trend which continued during the Asian and European sessions. The gas price is now at the $5.50 level, and we could look for support at the $5.40 level. 

For a bearish option, we need a break below and a negative consolidation to the $5.20 support zone. If we don’t manage to maintain ourselves there, further decline is evident. Potential lower targets are the $5.00 and $4.80 levels. 

For a bullish option, we need a positive consolidation and a return of the price above the $5.60 level. After that, we have to stay up there, and with a new impulse to continue the recovery. Potential higher targets are the $5.80 and $6.00 levels.