Oil and natural gas: the oil jumps to the $74.00 level

At the opening of this week’s trading session, the oil price jumped to the $74.30 level.
During the Asian trading session, the price of natural gas held above the $2.08 level. 

Oil chart analysis

At the opening of this week’s trading session, the oil price jumped to the $74.30 level. After that, we see a pullback to $72.20 and find support at that spot. A bullish consolidation soon followed, and we are now above the $73.00 level. If this kind of consolidation continues, we could once again find ourselves above the $74.00 level and test this morning’s high price.

Potential higher targets are the $74.50 and $75.00 levels. We will see another pullback if there is a new saturation in the price growth. We need a negative consolidation and a price drop below the $72.00 support level for a bearish option. After that, we could expect to see further pullbacks and testing of lower support levels. Potential lower targets are the $71.00 and $70.00 levels.

Natural gas chart analysis

During the Asian trading session, the price of natural gas held above the $2.08 level. Now we see a break above the $2.10 level, and if this consolidation continues, we could expect further recovery. Potential higher targets are the $2.12 and $2.14 levels. We need a negative consolidation and a price pullback below the $2.08 level for a bearish option.

Then we would go back below the EMA50 moving average, which would negatively impact the gas price. Potential lower targets are the $2.06 and $2.04 levels.

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