Oil and natural gas: Oil yesterday at the 77.30 level

<div><img width="1200" height="900" src="https://www.financebrokerage.com/wp-content/uploads/2023/01/Fuel-oil.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Fuel oil" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: Oil yesterday at the 77.30 level</b></h1>
<ul>
<li aria-level="1">The oil price continued to rise this week, forming a new high at the $77.30 level.</li>
<li aria-level="1">The price of natural gas is in a slightly bearish trend after forming a high at the $2.81 level at the end of June.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The oil price continued to rise this week, forming a new high at the $77.30 level. During the Asian trading session, we saw a bearish consolidation to the $76.50 support level. The price manages to stop the decline at that level and recovers slightly to the $76.95 level. The weak dollar influenced the price of oil to jump to current levels.</p>
<p>We need a positive consolidation and a price jump to the $77.50 level for a bullish option. Thus we would form a new higher high, which means a further continuation to the <a href="https://www.financebrokerage.com/apples-stock-target-bullish-analysis-on-growth-prospects/">bullish</a> side. Potential higher targets are the $78.00 and $78.50 levels.</p>
<p>We need a negative consolidation and pullback to the $76.00 level for a bearish option. A drop below this level would mean a potential continuation of the oil price retreat. Potential lower targets are the $75.00 and $74.00 levels. Additional support at the $74.00 level is the EMA50 moving average.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-211726 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/rXrdnuy7-1024×621.jpg" alt="Oil chart analysis" width="1024" height="621" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas is in a slightly bearish trend after forming a high at the $2.81 level at the end of June. This week we saw a recovery to $2.68, after which the price made a new pullback and descended to the $2.50 level. During the Asian trading session, the gas price manages to consolidate at that level and move up to the $2.51 level.</p>
<p>We need a positive consolidation and price movement towards the $2.54 level for a bullish option. A price break above could push the continuation of the recovery, and the potential higher targets are the $2.56 and $2.58 levels. We need a negative consolidation and a drop below the $2.50 support level for a bearish option. This would mean that we will see the formation of a new low, and the potential lower targets are $2.48 and $2.46 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-211804 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/zct3dmV7-1024×621.jpg" alt="Natural gas chart analysis" width="1024" height="621" /></p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/oil-and-natural-gas-oil-yesterday-at-the-77-30-level/">Oil and natural gas: Oil yesterday at the 77.30 level</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>