Oil and Natural Gas: Oil finds support at $67.00

• During the Asian trading session, the price of oil retreated from $68.00 to the $67.00 level.
• The price of natural gas dropped sharply yesterday from $2.24 to the $2.20 level.

Oil chart analysis

During the Asian trading session, the price of oil retreated from $68.00 to the $67.00 level. Oil managed to stay above that level, and a strong bullish impulse followed that raised the price to $68.50. The oil price is now trying to consolidate and hold there before the next bullish impulse toward the $69.00 level.

The previous high was at the $69.62 level, and we need a break above to continue the growth. Potential higher targets are the $70.00 and $70.50 levels. We need a negative consolidation and a new price pullback to the $67.00 level for a bearish option. A price break below would reinforce the bearish option, and we would likely see a continuation of the pullback. Potential lower targets are the $66.00 and $65.00 levels.

Natural gas chart analysis

The price of natural gas dropped sharply yesterday from $2.24 to the $2.20 level. During the Asian trading session, the price remained at that level. In the continuation, the gas price began to weaken again, resulting in a drop to the $2,198 level. If the current pressure continues, gas could soon visit the $2.10 level.

We need a positive consolidation and a move to the $2.30 level for a bullish option. In this way, we would move to a safer position from which we would have a better opportunity to continue our recovery. Potential higher targets are the $2.35 and $2.40 levels.