- Oil price faced resistance at the $74.00 level yesterday.
- The price of natural gas rose to $2.82 yesterday.
Oil chart analysis
Oil price faced resistance at the $74.00 level yesterday. We started to pull back from this level and found support at the $71.00 level. The previous day, the price of oil fell to $69.25, but that did not happen this time, and we formed a higher low. From this level, we have begun a positive consolidation process that continues today. During the Asian session, the oil price succeeded in crossing the barrier at $72.50.
In the EU session, we continue in the same trend, moving up to the $73.00 level. Possible higher targets are yesterday's levels of $73.50 and $74.00. We need to pull back below the $72.00 support level to get a bearish option. We then expect to see a continuation of the decline and a retest of yesterday's support at $71.00. Possible lower targets are the $70.50 and $70.00 levels.
Natural gas chart analysis
The price of natural gas rose to $2.82 yesterday. A new high for the year has been formed, and for now, we stop there and make a small pullback to the $2.75 level. We are currently pressuring this support level, which could lead to a breakout and the formation of a new daily low. Possible lower targets are the $2.70 and $2.65 levels.
In addition to falling to the $2.65 level, the price of natural gas will remain in an uptrend as long as it is above the EMA50, which is in the area around $2.60. We need a positive consolidation and a move above the $2.80 level for a bullish option. Next, we need to hold above if we want to see a continuation of the upside. Possible higher targets are the $2.85 and $2.90 levels.
