Oil and natural gas: the price of gas is back above $2.70

• The oil price fell below the $75.00 level on two occasions yesterday. I
• The price of gas managed to reach the $2.70 level yesterday. 

Oil chart analysis

The oil price fell below the $75.00 level on two occasions yesterday. It was a short breath; we always came back above. During the Asian trading session, we saw a price recovery, which continued in the European session up to the $76.50 level. to continue the bullish option, we need a break above the $77.00 resistance level.

Then we need to stay up there in order to consolidate in that place and, with a positive impulse, start further recovery. Potential higher targets are the $78.00 and $79.00 levels. We need a pullback below the $75.00 level for a bearish option. After that, we could expect to see a continuation of the decline to the previous low. Potential lower targets are the $74.00 and $73.50 levels.

Natural gas chart analysis

The price of gas managed to reach the $2.70 level yesterday. During the Asian session, the price stagnated in that zone, so now we could see the beginning of a potential pullback. We need a negative consolidation and pullback below the $2.60 level for a bearish option. A price break below would mean a possible further decline to lower support levels.

We could look for the next support at the $2.40 level. We need a return above the $2.70 level for a bullish option and continued growth. With positive consolidation, we could start further recovery. And the potential higher targets are the $2.80 and $2.90 levels.