- On Friday, the price of oil took a big step from $76.00 to $79.80.
- During the Asian trading session, the price of gas fell to $2.50.
Oil chart analysis
On Friday, the price of oil took a big step from $76.00 to $79.80. After that, we see yesterday’s price pull back to $78.00 and the formation of a new higher low from which we launch further bullish momentum. The price rises to $80.00 and makes a break above. During the Asian trading session, the price of oil rose to $80.91. We now have a pullback, and a pullback to the $80.00 level. For a bearish option, we need a break next; after that, we could expect to see a continuation of the price decline. The lower potential targets are the $79.00 and $78.00 levels. We need positive consolidation and a jump to the $81.00 level for a bullish option. So we need a price break above; after that, we could expect a continuation of the recovery. The highest potential targets are the $81.50 and $82.00 levels.
Natural Gas Chart Analysis
During the Asian trading session, the price of gas fell to $2.50. For now, we managed to stay on top and form a new floor. The current minor bullish consolidation could trigger another gas price rally. To begin with, we need a break above the $2.60 level. So we need to stay on top and start the gas price recovery with the next push. The highest potential targets are the $2.70 and $2.80 levels. We need a passive consolidation and price break below the $2.50 level for a bearish option. This would cause the price to drop below the previous low, which would mean a further drop to the next lower support. The lower possible targets are the $2.40 and $2.30 levels.
