Oil and Natural Gas: Oil is back above the $70.00 level
- The price of oil was in a bullish consolidation this week.
- The price of natural gas continued this week with the bullish trend that started in early June.
Oil chart analysis
The price of oil was in a bullish consolidation this week. On Monday, we saw a pullback to the $66.78 level, where we got support and started a recovery. Most of this week, the resistance was at the $70.00 level. Yesterday we saw a more concrete breakout above and a jump to $71.00.
During the Asian trading session, the price was traded in the $70.50-$71.00 range and stayed above the $70.00 level. Now we have additional support at that level in the EMA50 moving average, which could be positively characterized for further bullish continuation. Potential higher targets are the $71.50 and $72.00 levels.
Natural gas chart analysis
The price of natural gas continued this week with the bullish trend that started in early June. On the first of June, the price fell to the $2.01 level, and from that level, we began to recover until this morning’s high at the $2.50 level. Yesterday, the price made the biggest jump, rising from $2.25 to the $2.49 level. We remain very close to the $2.50 level and now consolidating at the $2.48 level.
For a bullish option, we need a continuation of the positive consolidation and a break above the 2,504 level. Then it is preferable to stay up there and consolidate there. With a new impulse, we would start to continue our recovery and climb to higher levels. Potential higher targets are the $2.55 and $2.60 levels.
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