- Yesterday’s attempt by the oil price to start a new uptrend was stopped at the $78.00 level.
- During the Asian session, the price of gas hovered around the $2.50 level.
Oil chart analysis
Yesterday’s attempt by the oil price to start a new uptrend was stopped at the $78.00 level. After which, a very quick pullback followed, and we fell below the $76.00 level. During the Asian trading session, the price of oil continued to fall and this morning’s low was $74.75. Since then, oil prices have started a bit of a recovery, and we are now at the $75.25 level.
News of continued interest rate hikes by central banks, especially the Fed, gives us the impression that the world economy will slow down. This could contribute to the oil price continuing to slide towards lower support levels. The next potential lower target is $73.78, the previous low since late February.
Natural Gas Chart Analysis
During the Asian session, the price of gas hovered around the $2.50 level. We are still in the Zoi zone, and the price continues to move sideways. We need positive consolidation and price growth to the $2.60 level for a bullish option. So we need to see a break above and stay there.
With new momentum, we would initiate a further recovery in gas prices. The highest potential targets are the $2.65 and $2.70 levels. We need negative consolidation and a drop below the $2.45 level for a bearish option. With that, we would drop below the March low and probably continue to be on the downside. The lower possible targets are the $2.35 and $2.30 levels.
BONUS VIDEO: Weekly summary of market news
(embed)https://www.youtube.com/watch?v=nXyothjlnFQ(/embed)
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
