Oil and natural gas: the price of oil is close to $74.00

<div><img width="1000" height="575" src="https://www.financebrokerage.com/wp-content/uploads/2022/10/shutterstock_365888501.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Oil" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: the price of oil is close to $74.00</b></h1>
<ul>
<li aria-level="1">On the first day of this week, oil prices fell to $70.00, which gave gloomy forecasts for further continuation.</li>
<li aria-level="1">The price of natural gas climbed to the $3.35 level this week, forming a new annual high.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>On the first day of this week, oil prices fell to $70.00, which gave gloomy forecasts for further continuation. On Tuesday, the price stops the decline there and slowly consolidates, moving above the $71.00 level. After that, with bullish consolidation on Wednesday, we climb up to the $73.50 level. The price encounters resistance in that zone and makes a new <a href="https://www.financebrokerage.com/solana-and-cardano-solana-is-in-a-pullback-to-the-52-00/">pullback</a> to the $71.00 level. Yesterday, we watched the initiation of a new bullish consolidation from that level, and the price jumped above $73.75.</p>
<p>During the Asian trading session, oil prices managed to stay high above the $73.50 level. We now have a good position to move towards the $74.00 level. Potential higher targets are $74.50 and $75.00 levels. We need a negative consolidation and price pullback to the $73.00 level for a bearish option. A drop below would drop us to a test of the EMA50 moving average in the zone around $72.50. Potential lower targets are $72.00 and $71.50 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-252864 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/ro0bU4Y3-1024×598.jpg" alt="Oil Chart Analysis" width="1024" height="598" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas climbed to the $3.35 level this week, forming a new annual high. We stopped there and began the retreat that continues today. This week’s low was formed yesterday at the $2.90 level; since then, we have been moving in the $2.90-$3.05 range. We are currently at $2.96 and encountering resistance at $3.00. We need a break above if we plan to see another recovery in oil prices. Potential higher targets are $3.10 and $3.20 levels.</p>
<p>We need a negative consolidation and a price drop below the $2.90 level for a bearish option. In that zone, we came across the EMA50 moving average, which supported us in the previous two weeks. A drop below it would increase the bearish pressure, which would have a negative impact on the continued movement of the natural gas price. Potential lower targets are $2.80 and $2.70 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-252865 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/XRv1HYWN-1024×598.jpg" alt="Natural Gas Chart Analysis" width="1024" height="598" /></p>
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