Oil and natural gas: Oil rises above the $80.00 level

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2022/12/oil-price-2.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="oil price" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: Oil rises above the $80.00 level</b></h1>
<ul>
<li aria-level="1">After three months, the oil price was again above the $80.00 level yesterday.</li>
<li aria-level="1">This week, we see a pullback in the price of natural gas from the $2.75 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>After three months, the oil price was again above the $80.00 level yesterday. During the Asian trading session, the price of oil consolidated at the $79.50 level, gaining support and returning to the $80.00 level. Now, we could see a <a href="https://www.financebrokerage.com/continuation-of-consolidation-for-bitcoin-and-ethereum/">continuation</a> of the bullish consolidation and new testing of the previous high at the $80.57 level. Potential higher targets are $81.00 and $81.50 levels.</p>
<p>We need a negative consolidation and a break below the support at the $79.50 level for a bearish option. After that, we could expect to see a continuation of the pullback and a test of the $78.50 previous support level. Potential lower targets are $78.00 and $77.50 levels.</p>
<p><img decoding="async" loading="lazy" class="wp-image-215086 size-large alignleft" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/O1RrJRbT-1024×621.jpg" alt="Oil chart analysis" width="1024" height="621" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>This week, we see a pullback in the price of natural gas from the $2.75 level. The price fell to $2.54 yesterday, forming a seven-day low. After that, during the Asian trading session, the price recovered and climbed to the $2.60 level. We are now consolidating below that level and looking for support at the $2.58 level. For a bullish option, we need a continuation of positive consolidation and a move above the $2.60 level. Potential higher targets are $2.62 and $2.64 levels.</p>
<p>We need a negative consolidation and a new pullback to the previous low at the $2.54 level for a bearish option. A break below would mean a continuation to the bearish side and the formation of a new low. Potential lower targets are $2.52 and $2.50 levels.</p>
<p><img decoding="async" loading="lazy" class="wp-image-215087 size-large alignleft" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/lE4o9tAK-1024×621.jpg" alt="Natural gas chart analysis" width="1024" height="621" /></p>
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