Oil and Natural gas: the oil and resistance at $79.00
Yesterday’s oil price growth stopped at the $79.00 level.
The price of gas managed to rise to the $2.28 level yesterday.
Oil chart analysis
Yesterday’s oil price growth was stopped at the $79.00 level. During the Asian trading session, the price of oil encounters resistance at that level and makes a retreat to the $78.45 level. In the EU session, we could see a further continuation of the pullback to the $78.00 level. If pressure on the price continues, we could slide down to yesterday’s low at the $76.70 level.
We need another positive consolidation and a return to the $79.00 resistance level for a bullish option. Then we need a break above and stay up there. With a new bullish impulse, we could continue the recovery. Potential higher targets are the $80.00 and $81.00 levels.
Natural gas chart analysis
The price of gas managed to rise to the $2.28 level yesterday. After that, the gas price encounters resistance at that level and makes a pullback to the $2.22 level. During the Asian trading session, the price was in retreat, and we expect a continuation in the EU session. The price could fall below the $2.20 level. Additional price support at that level is in the EMA50 4h moving average.
If we were to fall below it, it would increase the bearish pressure, and we could see a continuation of the decline in the price of natural gas. Potential lower targets are the $2.10 and $2.00 levels. We need a new positive consolidation and a move toward the $2.30 level for a bullish option. Thus, we would find ourselves above yesterday’s high, which could push the price to continue rising. Potential higher targets are the $2.35 and $2.40 levels.
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