Oil and natural gas: Oil is retreating below $70.00

<div><img width="1200" height="801" src="https://www.financebrokerage.com/wp-content/uploads/2022/12/oil-production.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="oil and gas" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: Oil is retreating below $70.00</b></h1>
<ul>
<li aria-level="1">On the first trading day of this year, the oil price started successfully but was limited only to the $73.50 level.</li>
<li aria-level="1">At the beginning of the market opening this year, the price of natural gas jumped to the $2.64 level, forming a new one-month high.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>On the first trading day of this year, the oil price started successfully but was limited only to the $73.50 level. Additional flow in that zone creates the EMA50 moving average, and the price breaks below and falls to a new low for the year. During the Asian session, the price stayed around $70.00, so we would see a breakout below and the continuation of the bearish option later in the EU session. The price formed a new low at $69.25, remaining under pressure to go further down.</p>
<p>Potential lower targets are $69.00 and $68.50 levels. For a <a href="https://www.financebrokerage.com/bitcoin-and-ethereum-and-a-new-attempt-for-bullish-option/">bullish option</a>, we need a positive consolidation and to stabilize above the $70.00 level. If we succeed, the oil price will be in a good position to start a further recovery and move into a safe zone. Potential higher targets are $71.00 and $72.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-250882 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/y34mfg4W-1024×620.jpg" alt="Oil Chart Analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>At the beginning of the market opening this year, the price of natural gas jumped to the $2.64 level, forming a new one-month high. We stop there, and the price moves to the $2.50 level with bearish consolidation. We get new support there and recover to the $2.56 level. During the Asian session, the price hovered around $2.50 and managed to hold above it. In the previous hour we see a bullish impulse and an attempt to start with a further recovery to the bullish side.</p>
<p>Potential higher targets are $2.58 and $2.60 levels. We need a negative consolidation and a price drop below the $2.50 level for a bearish option. In the zone around $2.46, we come across the EMA50 moving average. A break below would further increase the pressure on the price to go into a bearish continuation. Potential lower targets are $2.44 and $2.42 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-250883 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/VV6j9rFe-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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