Nixse
0

Oil and natural gas: The price of oil slipped to the $65.65

  • The price of oil fell to the $65.65 level yesterday. 
  • During the Asian trading session, the gas price consolidated around the $2.50 level. 

Oil chart analysis

The price of oil fell to the $65.65 level yesterday. The previous time we were at that place was at the beginning of December last year. After the fall, we see a pullback in oil prices to the $68.00 level. During the Asian trading session, the price of oil moved slightly above that level.

We need a positive consolidation and a return to the $70.00 level for a bullish option. If we were to succeed in that, we would move significantly out of the uncomfortable zone. We need a negative consolidation and pullback to the previous support at the $65.65 level for a bearish option. A break below would mean a further weakening of the oil price and the formation of a new lower low. Potential lower targets are the $65.00 and $64.00 levels.

Oil Chart Analysis

Natural gas chart analysis

During the Asian trading session, the gas price consolidated around the $2.50 level. Yesterday we saw a drop to $2.40, where the price found support and started the recovery so far. We need positive consolidation and growth to the $2.60 level for a bullish option. Then we need to hold ourselves up there.

With a new impulse, the price of gas could continue its recovery. Potential higher targets are the $2.65 and $2.70 levels. We need a negative consolidation and a price pullback below the $2.40 level for a bearish option. After that, we should see a further drop in the price to lower levels. Potential lower targets are the $2.30 and $2.20 levels.

Natural Gas chart analysis



You might also like
Leave A Reply

Your email address will not be published.