At the opening of this week’s trading session, the gas price falls to a new monthly low of $5.50.
Oil chart analysis
The price of oil continues to hold above the $80.00 level. During the Asian trading session, the oil price confirmed support at $80.00, and with a new bullish impulse, we are climbing to the $82.00 level. Now we need a break above to continue the bullish option. If the price succeeds in this, after that, we need another positive consolidation.
Potential higher targets are the $83.00 and $84.00 levels. For a bearish option, we need a negative consolidation and a retracement of the price to the $80.00 level. A break below would be a sign that we could see a continuation of the oil price pullback. Potential lower targets are the $78.00 and $77.00 levels.
Natural gas chart analysis
At the opening of this week’s trading session, the gas price falls to a new monthly low of $5.50. During the Asian trading session, the price managed to hold above that level, which led to a jump to the $5.74 level. The price again fails to hold there and makes a new pullback to this morning’s low. Now we are once again testing the $5.50 support level. For a bearish option, we need a breakout below and a continuation of the negative consolidation. The next important support is at the $5.40 level.
A break below would put further pressure on the price, and we would likely see further price declines. Potential lower targets are the $5.20 and $5.00 levels. For a bullish option, we need a positive consolidation and a return above the $5.80 level. A move above could push the price, and with a new bullish impulse, we would see a continuation of the recovery. Potential higher targets are the $6.00 and $6.20 levels.