Oil and Natural Gas: The price of oil is testing $72 support
- Yesterday, the oil price retreated to support at the $71.40 level.
- Yesterday was a very successful day for the NATGAS price.
Oil chart analysis
Yesterday, the oil price retreated to support at the $71.40 level. After consolidation at that point, the price starts to recover. During the Asian trading session, the price climbed above the $72.00 level. A new high was formed at the $72.70 level. Today’s growth stops there, and the price of oil retreats to the $72.40 level.
We have support in the EMA50 moving average in the zone around $72.00, which could positively impact the continued recovery of oil prices. Potential higher targets are the $73.00 and $73.50 levels.
Natural gas chart analysis
Yesterday was a very successful day for the NATGAS price. The price jumped to the $2.56 level. During the Asian trading session, we only managed to stay above the $2.50 level. We are now seeing increased pressure on the price, which could push it down to lower support levels.
For something like that, we need a negative consolidation and a drop below the $2.50 level. Potential lower targets are the $2.45 and $2.40 levels. If we manage to stay above $2.50, we will have a new chance for bullish consolidation and continuation toward the $2.60 level.