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Stabilizing Above $72: What Moves the Oil Price today?

Natural Gas News: Comparative Analysis and Outlook

Stabilizing Above $72: What Moves the Oil Price today?

  • The price of oil is in a bullish trend after falling on Monday to the $71.37 level.
  • The price of natural gas continued to retreat this week.

Oil chart analysis

The price of oil is in a bullish trend after falling on Monday to the $71.37 level. We quickly bounced back above $72.00 and successfully stabilized above. On Tuesday, the price climbed to the $73.00 level and successfully hovered around that level for most of the day. During this morning’s Asian trading session, the oil price received support at the $73.30 level and continued the previous bullish consolidation from there. This leads to the formation of today’s high price at the $74.00 level.

For now, we maintain below it and pull back to the $73.75 level. Potential higher targets are $74.50 and $75.00 levels. We will have additional pressure on the price of oil in the EMA200 in the zone around the $74.30 level. For a bearish option, we need a pullback of the oil price below $73.30, this morning’s support zone. With a drop below, we would form a daily price low, and the potential lower targets are $72.50 and $72.00 levels.

Oil Chart Analysis

Natural gas chart analysis

The price of natural gas continued to retreat this week. This led us to see the formation of this year’s new low at the $2.12 level yesterday. During the previous Asian trading session, the price recovered slightly to $2.15, where we encountered new resistance. After resistance in that zone, we start a pullback with the view of retesting last night’s low. This could cause a breakout below and drop the price of natural gas to an even lower level.

Potential lower targets are $2.10 and $2.08 levels. We need a break above the $2.15 level for a bullish option. Then, we would have to hold up there to generate bullish momentum and start a recovery. Potential higher targets are $2.18 and $2.20 levels.

Natural Gas Chart Analysis

 

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