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Oil and Natural gas: the price of oil remains below $78.00

Oil and Natural gas: the price of oil remains below $78.00

During the Asian trading session, oil prices retreated to last week’s low at $76.70. 
The price of natural gas continues to consolidate around the $2.20 level. 

Oil chart analysis

During the Asian trading session, oil prices retreated to last week’s low at $76.70. We managed to get support at that level again, and the price of oil started a new bullish impulse and growth to the $78.00 level. We currently have resistance at that level and need to hold above $77.50 to attempt a break above the $78.00 resistance level.

Potential higher targets are the $78.50 and $79.00 levels. We need a negative consolidation and a new decline to the previous support level for a bearish option. A price break below would form a new lower low, confirming the bearish trend’s continuation. Potential lower targets are the $76.00 and $75.00 levels.

Natural gas chart analysis

The price of natural gas continues to consolidate around the $2.20 level. Additional support for the current movement is in the EMA50 4H moving average, and as long as we are above, we can expect to see a continuation of the price recovery. Potential higher targets are the $2.25 and $2.30 levels.

We need a negative consolidation and a drop to the $2.15 level for a bearish option. In this way, we would retreat below the EMA50 moving average, which could have a negative impact on the further movement of the gas price. Potential lower targets are the $2.10 and $2.00 levels.

 

The post Oil and Natural gas: the price of oil remains below $78.00 appeared first on FinanceBrokerage.

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