Oil and natural gas: Energy prices under pressure
- Yesterday’s oil price fell below $80.00 for the first time.
- Yesterday saw a steady decline in the price for natural gas.
Analysis of oil charts
Yesterday’s oil price fell below $80.00 for the first time. During the Asian trading session the oil price was able to move within that range. We can expect further bearish pressure to be visible and oil prices could start sliding slowly. For a bearish option, we need a negative consolidation and a drop below yesterday’s low at $79.50.
The decline could continue after this point. The $79.00 and $78.00 levels are potential lower support targets. For a bullish option, we need positive consolidation and a return in price above the $80.50 level. We need to maintain that momentum in order to initiate a new rebound with a fresh impulse. The $81.00 and $82.00 levels are potential higher targets.
Analysis of natural gas charts
Yesterday, the price of natural gas continued its fall. The gas price dropped to $2.93, breaking the $3.00 barrier during the Asian session. The chart indicates that the bearish trend could continue. Possibility lower
