Oil and Natural Gas: Oil remains below resistance at $72.00

<div><img width="1200" height="800" src="https://www.financebrokerage.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 remains below resistance at $72.00</b></h1>
<ul>
<li aria-level="1">This week’s oil price movement has been moving above the EMA50 moving average.</li>
<li aria-level="1">The price of natural gas continues to retreat from the $2.70 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>This week’s oil price movement has been moving above the EMA50 moving average. On several occasions, the price made a pullback to the EMA50, found support on it, and then started a new recovery. On the upper side, we have <a href="https://www.financebrokerage.com/usdchf-and-usdjpy-usdjpy-rises-to-resistance-at-139-60/">resistance</a> in the zone around the $72.00 level, which for now, does not allow the price to make a concrete breakthrough above it.</p>
<p>We need a positive consolidation and a break above the $72.00 level for a bullish option. Then we need to consolidate at that level before we start further recovery with a new impulse. Potential higher targets are the $72.50 and $73.00 levels.</p>
<p>We need a negative consolidation and pullback below the $71.50 level for a bearish option. After that, we could expect to see a further drop in oil prices. Potential lower targets are $71.00 and $70.50 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-210430 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/Vuyjzbd7-1024×634.jpg" alt="Oil chart analysis" width="1024" height="634" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas continues to retreat from the $2.70 level. Yesterday I formed this week’s low at the $2.52 level. After that, the price briefly recovered to the $2.60 level and made a new pullback. Additional resistance at $2.60 is the EMA50 moving average. The price is currently at the $2.55 level and moving sideways.</p>
<p>We need a continuation of the previous negative consolidation for a bearish option. That would bring us to a new test of support at the $2.50 level. A break below would form a new low and would mean that the price could soon slide lower again. Potential lower targets are the $2.45 and $2.40 levels.</p>
<p>We need a positive consolidation and a return above the EMA50 moving average and the $2.60 level for a bullish option. Then we need to hold ourselves up there before we begin further recovery. Potential higher targets are the $2.65 and $2.70 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-210431 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/irAh82xK-1024×634.jpg" alt="Natural gas chart analysis" width="1024" height="634" /></p>
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