Oil and Natural Gas: Oil is back above the $70.00 level 

<div><img width="1200" height="798" src="https://www.financebrokerage.com/wp-content/uploads/2023/01/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 back above the $70.00 level </b></h1>
<ul>
<li aria-level="1">The price of oil is back above the $70.00 level last Friday.</li>
<li aria-level="1">The price of natural gas received support at the $2.50 level last week.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The price of oil is back above the $70.00 level last Friday. During the Asian trading session, the price was maintained above that level. Today&#8217;s high price is $70.70, and for now, we do not manage to <a href="https://www.financebrokerage.com/eurusd-and-gbpusd-today-we-see-a-break-in-the-recovery/">break</a> above it and start the continuation. We need a break above the $71.00 level and then stay above if we want to see continued oil growth.</p>
<p>Potential higher targets are the $71.50 and $72.00 levels. We need a negative consolidation and pullback below the $70.00 level for a bearish option. Additional support at the $69.75 level is the EMA50 moving average, and if we break below it, the price could fall further and visit last week&#8217;s low. Potential lower targets are the $69.00 and $68.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-209289 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/Ds0FkVwd-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 received support at the $2.50 level last week. At that level, the gas price consolidated and triggered a bullish option. On Friday, we climbed to the $2.70 level. We encountered resistance there, and the price was a pullback to the $2.60 level. During the Asian trading session, we managed to hold above and start a minor recovery to the $2.64 level.</p>
<p>This picture shows a continuation of the recovery above the $2.70 level. Potential higher targets are the $2.75 and $2.80 levels. We need a negative consolidation and pullback to the $2.55 level for a bearish option. Then we would fall below the EMA50 moving average, which could have a negative impact on the further price trend. Potential lower targets are the $2.50 and $2.45 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-209290 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/s4oTjz1u-1024×634.jpg" alt="Natural gas chart analysis" width="1024" height="634" /></p>
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