Oil and natural gas: Oil continues to rise above $77.00

Oil chart analysis

During the Asian trading session, the price of oil remained at a high level above the $76.50 level. After which, we see a new impulse and a jump to the $77.00 level. We expect to see a break above and a continuation to the bullish side. The next target is the previous high at the $77.50 level, and if we reach it, the price of oil would be in a good rush to continue even higher. Potential higher targets are $78.00 and $78.50 levels.

We need a negative consolidation and pullback to the $76.50 support zone for a bearish option. A breakout of the oil price below it would add pressure on oil and force it to continue its retreat. Potential lower targets are $76.00 and $75.50 levels. Additional support at the $75.50 level is the EMA50 moving average.

Natural gas chart analysis

During the Asian trading session, the price of natural gas retreated from $2.70 to $2.66. It receives support at that level and starts a bullish recovery. We are now very close to reaching the $2.70 level again and continuing last week’s bullish trend. Potential higher targets are $2.72 and $2.74 levels.

We need a negative consolidation and pullback to this morning’s support level at $2.66 for a bearish option. Next, we need a breakout below to confirm the bearish trend. After that, there is room for a stronger fall and a bigger price pullback. Potential lower targets are $2.64, $2.62 and $2.60 levels.

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