Oil and Natural Gas: Oil is close to testing the EMA50 

<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 close to testing the EMA50 </b></h1>
<ul>
<li aria-level="1">The previous week was positive for the oil price by returning above the $75.00 level.</li>
<li aria-level="1">Last week, we saw the price of natural gas move in the $2.26-$2.44 range.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The previous week was positive for the oil price by returning above the $75.00 level. On Friday, bullish saturation occurred, and the price retreated to the $73.40 level. Today is a non-working day, and we expect the continuation of this <a href="https://www.financebrokerage.com/safemoon-and-litecoin-litecoin-makes-a-pullback-to-70-00/">pullback</a> tomorrow. The price could test the $73.00 level and the EMA50 moving average. The inability to hold on there leads to falling below and looking for support at the next lower levels. Potential lower targets are $72.50 and $72.00 levels.</p>
<p>We would have to initiate a positive consolidation and move back above the $75.00 level for a bullish option. Then it is desirable to hold on above in order to form a new bottom from which to start further recovery. Potential higher targets are $75.50 and $76.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-249139 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/vkh4IIZT-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>Last week, we saw the price of natural gas move in the $2.26-$2.44 range. On Friday, the price closed at $2.43, remaining very close to the upper resistance line. After tomorrow&#8217;s market opening, a breakout above and the start of a bullish consolidation could easily happen. Then, we would be able to reach the $2.50 level and try to stay around it. Potential higher targets are $2.52 and $2.54 levels.</p>
<p>We need a negative consolidation and price pullback to the $2.36 support level for a bearish option. There, we would test the EMA50 moving average. Increased bearish pressure would lead to a drop below and push us towards the lower support zone. Potential lower targets are $2.32 and $2.30 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-249140 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/sD5GgSJA-1024×620.png" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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