Oil and natural gas: Oil continues to rise above $77.00
<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/oil-price-2.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="What is IMPP stock (Imperial Petroleum Inc)?" decoding="async" loading="lazy" /></div><h1><strong>Oil and natural gas: Oil continues to rise above $77.00</strong></h1>
<ul>
<li aria-level="1"><span>During the Asian trading session, the price of oil remained at a high level above the $76.50 level.</span></li>
<li aria-level="1"><span>During the Asian trading session, the price of natural gas retreated from $2.70 to $2.66.</span></li>
</ul>
<h2><strong>Oil chart analysis</strong></h2>
<p><span>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 <a href="https://www.financebrokerage.com/the-dollar-index-with-bullish-consolidation-rises-to-101-00/">bullish</a> 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.</span></p>
<p><span>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.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-213630" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/Oil-chart-analysis-1024×621.jpg" alt="Oil chart analysis" width="1024" height="621" /></p>
<h2><strong>Natural gas chart analysis</strong></h2>
<p><span>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.</span></p>
<p><span>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.</span></p>
<p><img decoding="async" loading="lazy" class="alignnone size-large wp-image-213631" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/Natural-gas-chart-analysis-1024×621.jpg" alt="Natural gas chart analysis" width="1024" height="621" /></p>
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