Oil and Natural gas: the price of oil retreats to $76.50
- The oil price remains under pressure, and yesterday we saw a drop to $76.50.
- Natural gas prices continue to retreat after the oil price climbed to the $2.28 level on Monday.
Oil chart analysis
The oil price remains under pressure, and yesterday we saw a drop to $76.50. The price managed to hold above that level, which led to a recovery to the $78.00 level. For now, we have resistance at that point and see a new pullback to the $77.00 level. We need a break above the $78.00 level for a bullish option and try to hold above.
After that, we could expect to see further growth and recovery in oil prices. Potential higher targets are the $79.00 and $80.00 levels. We need a negative consolidation and a new pullback to support a bearish option at the $76.50 level. A price drop below would lead to the formation of a new lower low. Potential lower targets are the $76.00 and $75.00 levels.
Natural gas chart analysis
Natural gas prices continue to retreat after the oil price climbed to the $2.28 level on Monday. We are currently seeing a break below the $2.20 level and a drop below the EMA50 moving average. Such a picture could further weigh on the price of gas and send it even lower. Potential lower targets are the $2.15 and $2.10 levels.
We need a positive consolidation and price movement above the $2.25 level for a bullish option. Then we need to keep up there so that we can start further recovery with the next impulse. Potential higher targets are the $2.30 and $2.35 levels.
