Oil and natural gas: The oil is at the $75.00 level

• The price of oil fell below $75.00 yesterday for the first time in the last four weeks. 
• During the Asian trading session, oil prices fall to a new low of $2.50.

Oil chart analysis

The price of oil fell below $75.00 yesterday for the first time in the last four weeks. The minimum price was $74.94. During the Asian trading session, the price of oil managed to pullback above the $75.50 level and recover slightly from yesterday’s fall. for a bullish option, we need positive consolidation and a move above the $76.00 level.

With that, we would form a new bottom from which the price could start the next bullish consolidation. The next important target is $77.00; if we break above, we could expect to see a continuation of the recovery. Potential higher targets are the $78.00 and $79.00 levels.

Natural gas chart analysis

During the Asian trading session, oil prices fall to a new low of $2.50. We are still scraping the bottom, forming this year’s low. There is no sign that we could see a potential recovery in gas prices, which would mean a further drop in gas prices. Potential lower targets are the $2.40 and $2.30 levels. We need a positive consolidation and a return to the $2.70 level for a bullish option.

Then we need a breakthrough above and to stay up there. A new bullish impulse could trigger a further recovery in gas prices. If we succeed in this, the potential higher targets are $2.80 and $2.90.

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