Oil and Natural Gas: The price of oil is moving above $73.00
- The oil price made a strong jump yesterday, rising from $69.20 to $73.00.
- The price of NATGAS fell to $2.07 last night.
Oil chart analysis
The oil price made a strong jump yesterday, rising from $69.20 to $73.00. During the Asian trading session, the price managed to maintain at that level and followed a bullish impulse and the formation of a new high at the $73.50 level. If this positive consolidation continues, oil prices could break above and continue toward the $74.00 level.
We need a negative consolidation and price pullback below the $73.00 support level for a bearish option. We could then see a continuation of the decline to the $72.10 level. Additional support in that zone is in the EMA20 moving average. Potential lower targets are the $71.70 and $71.00 levels.
Natural gas chart analysis
The price of NATGAS fell to $2.07 last night. During the Asian trading session, we see a recovery and an attempt to reach the $2.15 level. Instability occurs again on the chart, and the price of NATGAS retreats again to $2.10. We are trying to hold on to that level and stop further price decline.
A break below would definitely bring us down to the $2.00 level, and thus we would form a new two-year low. We need a new positive consolidation and a price return above the $2.15 level for a bullish option. Then we need to stay there and start the recovery with a new impulse. Potential higher targets are the $2.20 and $2.30 levels.
