Oil and natural gas: Oil pressures the $72.00 price

Oil chart analysis

On Wednesday, the oil price was released from pressure after falling to $67.68. From that level, we see the acceleration of bullish consolidation, which yesterday raised the price to the $72.50 level. During the Asian trading session, oil dropped to $71.50, where it successfully gained support and is now rising above the $72.00 level with bullish consolidation. The price received additional support in the EMA50 moving average, which reduces the pressure on the price.

Potential higher targets are $73.00 and $73.50 levels. We would have to go back below the $71.00 level for a bearish option again. With that, we would retreat below the EMA50 moving average, which would have a negative impact on prices and their movement. Potential lower targets are $70.50 and $70.00 levels.

Natural gas chart analysis

The price of natural gas is in a bullish consolidation after Wednesday’s drop to the $2.14 level. This morning, prices formed a three-day high at $2.34. After that, it retreated to support at the $2.28 level. We managed to hold above that level and now expect to see another bullish consolidation. In the following, we will first test the previous high and then the EMA50 moving average. A break above these two resistances would bring us new highs and confirmation of the bullish option.

Potential higher targets are $2.36 and $2.38 levels. For a bearish option, you need a pullback to $2.20 of the previous support zone. A drop below would bring us back to the bearish side, and the price would be under pressure to start a further retreat. Potential lower targets are $2.20 and $2.18 levels.

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