Oil and natural gas: Oil falls below $70.00
- During the Asian trading session, the oil price fell below the $70.00 level, forming a new lower low at the $69.38 level.
- NATGAS continues its recovery since last week.
Oil chart analysis
During the Asian trading session, the oil price fell below the $70.00 level, forming a new lower low at the $69.38 level. We stayed down for a short time, and the price returned above the $70.00 level. We need to hold above if we want to see potential resistance continue.
Potential higher targets are the $70.50 and $71.00 levels. We need a negative consolidation and pullback to this morning’s support level for a bearish option. If we break below, potential lower targets are the $69.00 and $68.00 levels.
Natural gas chart analysis
NATGAS continues its recovery since last week. During the Asian trading session, the price broke above the $2.20 level. The growth continued in the EU session; the first target is last week’s high at $2.24. We need a breakthrough above and try to stay up there.
After that, we can expect to see further positive consolidation and continued recovery in the price of natural gas. Potential higher targets are the $2.30 and $2.35 levels. If there is a negative consolidation, we look for support at the $2.10 level and the EMA50 moving average.
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