Oil and natural gas: The price of oil rises to $84.00

The oil price has been in a strong bullish trend since Wednesday, forming a high at the $84.07 level. During the Asian trading session, the price of natural gas consolidated around the $2.66 level.

Oil chart analysis

The oil price has been in a strong bullish trend since Wednesday, forming a high at the $84.07 level. Everything indicates that we could see a further continuation of rising oil prices. The next target is the previous high of 10 August at the $84.85 level. By breaking above it, we would have the opportunity to start a further recovery and visit higher levels. Potential higher targets are $85.00 and $85.50 levels.

We need a negative consolidation and pullback to the $83.00 level for a bearish option. A break below would indicate that the price is under pressure, and we could see a potential continuation of the oil price pullback. Potential lower targets are $82.00 and $81.00 levels.

Natural gas chart analysis

During the Asian trading session, the price of natural gas consolidated around the $2.66 level. Yesterday, we had a strong bullish impulse that raised the price to the $2.78 level, and then we had a pullback to this morning’s consolidation zone. Having received support, we could now expect the price to start a positive consolidation and start a new bullish trend. Potential higher targets are $2.70 and $2.72 levels.

We need a negative consolidation and a drop below the $2.66 level for a bearish option. After that, the price of natural gas could start a continuation of the retreat with the formation of a new low. Potential lower targets are $2.64 and $2.62 levels.

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