- During the Asian trading session, the price of oil encounters resistance at the $74.60 level.
- During the Asian trading session, the gas price managed to maintain above the $6.20 level and initiated a bullish recovery.
Oil chart analysis
During the Asian trading session, the price of oil encounters resistance at the $74.60 level. Since then, the price has started to pull back and fall below the $74.00 level. We are now at $73.70, and we could expect the price to drop to the $73.00 support level. If we do not manage to maintain our position there, the price of oil could make a breakthrough below, which would lead to the continuation of the fall in the price of oil. Potential lower targets are the $72.00 and $71.00 levels. Yesterday’s low was in the zone around the $70.00 level. For a bullish option, we need a new positive consolidation and a move to the $75.00 level. Then we need to stay in that zone and continue the oil price recovery with a new bullish impulse. Potential higher targets are the $76.00 and $77.00 levels.
Natural gas chart analysis
During the Asian trading session, the gas price managed to maintain above the $6.20 level and initiated a bullish recovery. Now the gas price is at $6.60, where we have some holding and resistance. We need a break above and try to hold up there in order to continue the potential recovery in gas prices. Potential higher targets are the $6.80 and $7.00 levels. For a bearish option, we need a negative consolidation and a new pullback to last night’s support level of $6.20. A price drop below would increase bearish pressure, and we would likely see a new lower low formed. Potential lower targets are the $6.00 and $5.80 levels.
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