- The oil price rose yesterday above $78.00, the highest in the previous 15 days.
- During the Asian trading session, the gas price remained in the area around the $2.80 level.
Oil Chart Analysis
The oil price rose yesterday above $78.00, the highest in the previous 15 days. After that, we see a pullback to $78.00 and a consolidation during the Asian trading session. In the European session, oil continued to move sideways. We need positive consolidation and a jump to the $78.50 level again for a bullish option.
So we have to continue like this to start a further recovery. The highest potential targets are the $79.00 and $80.00 levels. We need negative consolidation and a drop to the $77.50 level for a bearish option. With that, we would make the first lower low, and the downtrend would probably continue. The lower possible targets are the $77.00 and $76.00 levels.
Natural Gas Chart Analysis
During the Asian trading session, the gas price remained in the area around the $2.80 level. If the current consolidation does not continue, we could reach towards $2.80 again. After that, we should stay up, and with the positive consolidation continuing, we will go higher.
The potential upper targets are the $2.90 and $3.00 levels. We need negative consolidation and a pullback to the $2.70 level for a bearish option. After that, we could expect to see a further pullback in gasoline prices. The next support is at the $2.60 level. And if we fail to hold there, we could see a stronger drop to either $2.50 or $2.40 levels.
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