Investment Tips 06-01-2023 10:13 30 Views

Oil and Natural Gas: The price of oil remains above $73.00

Oil

Oil and Natural Gas: The price of oil remains above $73.00

  • During the Asian trading session, oil prices were maintained around the $74.00 level. 
  • During the Asian trading session, the gas price was maintained at the $3.80 level.

Oil chart analysis

During the Asian trading session, oil prices were maintained around the $74.00 level. As the European session started, the price of oil began to slide again and is now at the $73.65 level. It could happen that we retest the $73.00 support level. A price break below would mean that we could see a further drop in the price of oil until the next support.

Potential lower targets are the $72.00 and $70.00 levels. We need a positive consolidation and a move above the $75.00 level for a bullish option. This would create a two-day high, which could influence oil prices to start growth. Potential higher targets are the $76.00 and $77.00 levels.

Oil chart analysis

Natural gas chart analysis

During the Asian trading session, the gas price was maintained at the $3.80 level. After that, we saw a new bearish impulse and a drop in gas price to the $3.60 level, so we formed a new one-year low. The bearish pressure on the price seems to be too great, which could lead to a further decline toward lower support levels. Potential lower targets are the $3.40 and $3.20 levels.

We need a positive consolidation and a move above the $3.80 level for a bullish option. That way, we would be close to reaching the $4.00 level. If we succeed in this, we will have a chance to start the continuation of the recovery of gas prices. Potential higher targets are the $4.20 and $4.40 levels.

Natural gas chart analysis

 

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