- The price of oil fell below $75.00 yesterday for the first time in four weeks.
- During the Asian trading session, oil prices fall to a new low of $2.50.
Oil chart analysis
The price of oil fell below $75.00 yesterday for the first time in four weeks. The minimum price was $74.94. During the Asian trading session, the oil price managed to pull back above the $75.50 level and recover slightly from yesterday’s slide. For a bullish option, we need positive consolidation and a move above the $76.00 level.
With that, we would form a new bottom from which the price could start the next bullish consolidation. The next major target is $77.00; If we break above, we could expect to see a continuation of the rally. The highest potential targets are the $78.00 and $79.00 levels.
Natural Gas Chart Analysis
During the Asian trading session, oil prices fall to a new low of $2.50. We are still bottoming out, forming this year’s low. There are no signs that we can see a potential recovery in gas prices, which would mean a further drop in gas prices. The lower possible targets are the $2.40 and $2.30 levels. We need positive consolidation and a return to the $2.70 level for a bullish option.
So we need to push up and stay there. Further bullish momentum could trigger a further recovery in gas prices. If we’re successful at this, the highest potential targets are $2.80 and $2.90.
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