Oil and natural gas: oil rises toward the $82.00
Oil and natural gas: oil rises toward the $82.00
- During the Asian trading session, the price of oil managed to stay above the $80.00 level.
- During the Asian trading session, gas prices continue to retreat.
Oil chart analysis
During the Asian trading session, the price of oil managed to stay above the $80.00 level. Then we see a new bullish impulse that moves the price of oil to the $81.00 level. For a bullish option, we need a positive consolidation and a move above today’s resistance zone. After that, we look at the $82.00 level as the next potential target, and a break above could extend further recovery.
Potential higher targets are the $83.00 and $84.00 levels. We need a negative consolidation and pullback below the $80.00 level for a bearish option. Then we need to stay down there, and with the next bearish impulse, we start a further descent. Potential lower targets are the $78.00 and $76.00 levels.
Natural gas chart analysis
During the Asian trading session, gas prices continue to retreat. Yesterday’s low was the $6.40 level; since then, we have seen a minor recovery to the $6.60 level. For now, we have resistance at that level and a slight continuation of the bearish trend. We would once again find ourselves at the $6.40 support level, and a potential break below would extend the further decline in gas prices.
Potential lower targets are the $6.20 and $6.00 levels. For a bullish option, we need a positive consolidation and a return above the $6.60 level. With that, the gas price would form a new higher low, which is a sign that we could continue the growing trend with a new bullish impulse. Potential higher targets are the $6.80 and $7.00 levels.
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