Oil and Natural gas: Oil on the threshold of $73.00 level
- Last week, the price of oil fell to the $63.60 level.
- On Friday, the price of natural gas fell below $2.00 again, forming a May low at the $1.91 level.
Oil chart analysis
Last week, the price of oil fell to the $63.60 level. From that moment, the price began to recover, which continued today. During the Asian trading session, the oil price was maintained above the $71.00 level. After the check, we see bullish consolidation and price growth up to $72.86.
Here we now encounter the EMA50 4h moving average, which could be a problem for us to continue the recovery if we fail to break above it. If we break above and hold above, we will receive support at the EMA50, which could help the price of oil to start a further recovery. Potential higher targets are the $74.00 and $75.00 levels.
Natural gas chart analysis
On Friday, the price of natural gas fell below $2.00 again, forming a May low at the $1.91 level. We did not stay there for long, and the price, with a bullish impulse, started to recover and return above the $2.00 level. During the Asian session, natural gas jumps to the $2.08 level with a bullish impulse; for now, we are staying at that level.
We could soon test the $2.10 level. We have additional resistance at that level in the EMA50 moving average, and we need a break above it if we want to see a continuation of the recovery. Potential higher targets are the $2.15 and $2.20 levels.