Oil and Natural Gas: Oil retreats to $72.00
The oil price has been retreating since Wednesday from the $74.69 level.
During the Asian trading session, the price of NATGAS fell to the $2.25 level.
Oil chart analysis
The oil price has been retreating since Wednesday from the $74.69 level. Yesterday we saw a drop to the $70.94 level. In that place, we get support, and with positive consolidation, we start recovery. During the Asian trading session, the price climbed to the $72.00 level.
We are currently holding at that level and need a break above if we want to see continued recovery. Potential higher targets are the $72.50 and $73.00 levels. Additional resistance at $72.50 is in the EMA50 moving average. For a bearish option, we need a drop to yesterday’s low, then a break below to continue to the bearish side.
Natural gas chart analysis
During the Asian trading session, the price of NATGAS fell to the $2.25 level. After that, we see a consolidation that moves us to the $2.30 level. If we climbed to the $2.35 level, we would hit the EMA50 moving average. We need a break above it in order to get its support for the further continuation of the recovery.
Potential higher targets are the $2.40 and $2.45 levels. We need negative consolidation and a price pullback below the $2.25 level for a bearish option. Potential lower targets are the $2.20 and $2.15 support levels.
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