Oil and Natural Gas: Oil remains above $70.00 for now

• During the Asian trading session, the oil price was maintained above the $70.00 level. 
• During the Asian trading session, the price of natural gas rose to the $2.24 level. 

Oil chart analysis

During the Asian trading session, the oil price was maintained above the $70.00 level. This morning’s maximum price was at the $70.70 level, from which we now have a pullback and new pressure on support at the $70.00 level. We need a negative consolidation and a pullback below the $69.60 level for a bearish option. This would cause the price to fall below the moving averages, which could further weigh on the price and push it even lower.

Potential lower targets are $69.43 and $68.80 levels. We need a new positive consolidation and a price jump above the $70.70 level for a bullish option. This would confirm this morning’s price, and with a new impulse, we could expect to see a continuation of the oil price recovery. Potential higher targets are the $71.25 and $71.70 levels.

Natural gas chart analysis

During the Asian trading session, the price of natural gas rose to the $2.24 level. Since then, the price has been pulled back below the $2.20 level. The price fell to $2.17 and could now continue the bearish trend to the previous low of $2.14 level. Potential lower targets are the $2.10 and $2.08 levels.

We need to stabilize above the $2.20 level for a bullish option. After that, we could expect to see a price recovery to the $2.28 or $2.31 level.