Oil and Natural gas: Oil price on the way to $75.00
- During the Asian trading session, the oil price hovered around the $74.50 level.
- The price of natural gas fell below $2.00 yesterday, forming a new lower low at the $1.98 level.
Oil chart analysis
During the Asian trading session, the oil price hovered around the $74.50 level. Then we had a pullback to $74.00, where the price consolidated and started a new bullish impulse. If this momentum continues, the price could break above the $74.70 level and reach the $75.00 level.
Potential higher targets are the $75.50 and $76.00 levels. We need negative consolidation and price pullback below the $73.60 level for a bearish option. After that, we could expect to see a further drop in oil prices. Potential lower targets are the $73.40 and $73.00 levels.
Natural gas chart analysis
The price of natural gas fell below $2.00 yesterday, forming a new lower low at the $1.98 level. During the Asian session, the price managed to get back above $2.00 and move slightly above that level. We still have major resistance at $2.05, which could push the price below $2.00 again. Potential lower targets are the $1.95 and $1.90 levels.
We need a positive consolidation and a move above the $2.05 level for a bullish option. Then we need to try to stay up there in order to try to start the recovery of the gas price with the next impulse. Potential higher targets are $2.10 and $2.15 levels.
