Oil and Natural Gas: Oil is back above the $70.00 level
- The price of oil is back above the $70.00 level last Friday.
- The price of natural gas received support at the $2.50 level last week.
Oil chart analysis
The price of oil is back above the $70.00 level last Friday. During the Asian trading session, the price was maintained above that level. Today’s high price is $70.70, and for now, we do not manage to break above it and start the continuation. We need a break above the $71.00 level and then stay above if we want to see continued oil growth.
Potential higher targets are the $71.50 and $72.00 levels. We need a negative consolidation and pullback below the $70.00 level for a bearish option. Additional support at the $69.75 level is the EMA50 moving average, and if we break below it, the price could fall further and visit last week’s low. Potential lower targets are the $69.00 and $68.00 levels.
Natural gas chart analysis
The price of natural gas received support at the $2.50 level last week. At that level, the gas price consolidated and triggered a bullish option. On Friday, we climbed to the $2.70 level. We encountered resistance there, and the price was a pullback to the $2.60 level. During the Asian trading session, we managed to hold above and start a minor recovery to the $2.64 level.
This picture shows a continuation of the recovery above the $2.70 level. Potential higher targets are the $2.75 and $2.80 levels. We need a negative consolidation and pullback to the $2.55 level for a bearish option. Then we would fall below the EMA50 moving average, which could have a negative impact on the further price trend. Potential lower targets are the $2.50 and $2.45 levels.
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