Oil and Natural gas: The price of oil remains above $77.00
- During the Asian trading session, the oil price retreated below the $77.00 level.
- During the Asian session, the gas price traded around $2.30.
Oil chart analysis
During the Asian trading session, the oil price retreated below the $77.00 level. This morning’s low price was at the $76.00 level, where we managed to get support. Since then, the price of oil has started to recover and climbed again above $77.00 to $77.30. We need a positive consolidation and a move above the $77.50 level for a bullish option. If we succeed, our next important target would be the $78.00 level.
Continuing, we could climb to the $79.00 or $80.00 level. We need a passive consolidation and a price pullback below the $76.00 level for a bearish option. This would put us in a position to retest the support at the $75.00 level. A break below would mean we would see further declines in oil prices. Potential lower targets are the $74.00 and $73.00 levels.
Natural gas chart analysis
During the Asian session, the gas price traded around $2.30. A minor bullish consolidation moved us to the $2.35 level, but we can say that gas and gas prices are under great bearish pressure. If we want to get rid of that pressure, we need to move first to the $2.40 level. Then we need to break above and try to continue to the $2.50 level.
Doing so would take a concrete step toward the potential for further recovery. We need negative consolidation and new pressure on the $2.25 previous low for the bearish option. Breaking the price below would mean a further bearish trend and a drop to lower levels.