Oil and Natural Gas: Oil retreats from $80.00
- During the Asian trading session, oil retreated from the $79.85 level.
- During the Asian trading session, the gas price continued to retreat below the $2.70 level.
Oil chart analysis
During the Asian trading session, oil retreated from the $79.85 level. We tried to find support at the $79.00 level but without success, and the price continued to slide below. It is now at the $78.50 level, and we could continue toward the $78.00 support level. If we get new support at that level, the price of oil would have the opportunity to start a new bullish impulse and continue the recovery. The main target is the $80.00 level and moving above it. We need a negative consolidation and a drop to the $78.00 support level for a bearish option. A break below would extend the continuation of the decline in oil prices. Potential lower targets are the $77.00 and $76.00 levels.
Natural gas chart analysis
During the Asian trading session, the gas price continued to retreat below the $2.70 level. Now we look for potential support at the $2.65 level and the EMA 50 moving average. A break below would cause the price to fall further. Potential lower targets are the $2.60 and $2.50 levels. We need a positive consolidation and a move to at least the $2.75 level for a bullish option. This would form a bottom, and then we could expect to see bullish consolidation and continued recovery. Potential higher targets are the $2.80 and $2.90 levels.
