Oil and Natural Gas: Oil is recovering above $76.00

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/03/oil.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Natural Gas News: Comparative Analysis and Outlook" decoding="async" loading="lazy" /></div><h1><b>Oil and Natural Gas: Oil is recovering above $76.00</b></h1>
<ul>
<li aria-level="1">On Monday, we saw an attempt by the oil price to hold above the $80.00 level.</li>
<li aria-level="1">This week has been very bearish for the price of natural gas.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>On Monday, we saw an attempt by the oil price to hold above the $80.00 level. It seems that there was a lot of pressure on the price, and already, at the beginning of Tuesday, we see a break below the $80.00 level and a continuation of the further retreat of the price. On Wednesday, the price fell to the $74.88 level.</p>
<p>For now, we find support there and with <a href="https://www.financebrokerage.com/gold-and-silver-bullish-impulse-and-rising/">bullish</a> consolidation, we make a jump to the $77.00 level. Yesterday, we failed to break above and saw another pullback to the $75.20 level.</p>
<p>The current price movement of oil is around $76.00, and we are now close to the support zone, remaining under bearish pressure. Potential lower targets are $74.00 and $73.00 levels.</p>
<p>We need a positive consolidation and a jump to the $77.00 level for a bullish option. We then need a break above to continue on the bullish side. Potential higher targets are $78.00 and $79.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-239419 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/11/QImW5YXM-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>This week has been very bearish for the price of natural gas. At the market’s opening this week, the gas price fell from $3.51 to $3.40, creating a bearish gap. At the $3.40 level, we encountered the EMA50 moving average, which failed to give us satisfactory support, and we saw a breakout below and continued bearish consolidation. That consolidation brought us down to the $3.00 level this morning. Potential lower targets are $2.95 and $2.90 levels.</p>
<p>We need a positive consolidation and price movement at least to the $3.10 level for a bullish option. Then, it would be desirable to hold on there and form a new price bottom at that level. With the next impulse, we would initiate a bullish consolidation and recovery of natural gas prices. Potential higher targets are $3.15 and $3.20 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-239421 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/11/Z6Ew3jHj-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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