Oil and natural gas: oil recovered to the $69.50 level
- The oil price consolidated yesterday and rose to the $69.00 level.
- During the Asian trading session, the gas price was maintained above $2.50.
Oil chart analysis
The oil price consolidated yesterday and rose to the $69.00 level. During the Asian trading session, the oil price found support at $68.25 and started a new bullish impulse. The current price is $69.50, and if this consolidation continues, we could soon climb to the $70.00 level. Then we need to hold there and make a breakthrough above if we want to see further recovery.
Potential higher targets are the $71.00 and $72.00 levels. We need a negative consolidation and a pullback to the $68.00 level for a bearish option first. After that, there could be a further drop below and a possible retest of this week’s support at the $65.65 level.
Natural gas chart analysis
During the Asian trading session, the gas price was maintained above $2.50. We are currently seeing a slight start of a bearish trend, and the price has dropped to the $2.45 level. We are looking for price support at the $2.40 level, and if a breakthrough occurs below that price, gas could fall even more.
Potential lower targets are the $2.30 and $2.20 levels. We need positive consolidation and a return to the zone around the $2.60 level for a bullish option. This would allow us to rise above the EMA50 moving average, which would be considered positive for further growth in the price of gas. Potential higher targets are the $2.70 and $2.80 levels.