Oil and natural gas: Oil makes a jump above the $79.00

<div><img width="1000" height="575" src="https://www.financebrokerage.com/wp-content/uploads/2022/10/shutterstock_365888501.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Oil prices" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: Oil makes a jump above the $79.00</b></h1>
<ul>
<li aria-level="1">The oil price jumped to $79.25 at the market opening last night.</li>
<li aria-level="1">The price of natural gas made a new retreat this morning to the $2.30 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The oil price jumped to $79.25 at the market opening last night. We stayed above for a short time, and during the Asian session, we watched the retreat of the $78.00 level. Now, we are trying to find support to stop this <a href="https://www.financebrokerage.com/usdchf-and-usdjpy-usdchf-is-in-a-big-pullback-to-0-89000/">pullback</a> and start a new bullish consolidation. If we succeed in that, we will have a new opportunity to start stumbling off this morning’s high. Potential higher targets are $79.00 and $79.50 levels.</p>
<p>The current price pressure in the $78.00 support zone could lead to a breakout below and the formation of a new daily oil price low. Under such pressure, the price would continue its retreat, seeking support at lower levels. Potential lower targets are $77.50 and $77.00 levels. The EMA200 moving average is low at the $75.50 level.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-256516 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/qcYluMOz-1024×598.jpg" alt="Oil Chart Analysis" width="1024" height="598" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas made a new retreat this morning to the $2.30 level. On Friday, the closing price was at $2.40. during the Asian session, we saw a pullback from this morning’s low, where we got new support. Since then, the price has slightly recovered to $2.33, and we could expect to see a continuation if we move above the $2.35 level. With the bullish consolidation, it would be important to get back above $2.40 to gain momentum to continue on the bullish side.</p>
<p>Potential higher targets are $2.45 and $2.50 levels. The EMA200 moving average is in the zone around the $2.52 level. We need a pullback to $2.30 this morning’s support level for a bearish option. The new pressure could influence us to see a breakout below and the formation of a new low. Potential targets are $2.25 and $2.20 levels.</p>
<p><a href="https://www.tradingview.com/x/hY0LbESS/"><img decoding="async" loading="lazy" class="aligncenter wp-image-256517 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/hY0LbESS-1024×485.jpg" alt="Natural gas chart analysis" width="1024" height="485" /></a></p>
<p>&nbsp;</p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/oil-and-natural-gas-oil-makes-a-jump-above-the-79-00/">Oil and natural gas: Oil makes a jump above the $79.00</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>