Oil and natural gas: the price of oil remains below $77.00

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2022/11/Oil-prices-2.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Oil prices" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: the price of oil remains below $77.00</b></h1>
<ul>
<li aria-level="1">Oil prices were bullish as we moved back above the $76.00 level on Friday.</li>
<li aria-level="1">During the Asian trading session, the price of natural gas continued to retreat below the $3.00 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>Oil prices were bullish as we moved back above the $76.00 level on Friday. During the Asian trading session, the price continued to grow to $76.80. We encounter resistance in that zone and in the EMA50 moving average, and the price has pulled back to the $76.40 level. Failure to break above could lead to a deeper pullback below the $76.00 level.</p>
<p>Potential lower targets are $75.50 and $75.00 levels. We need a new positive <a href="https://www.financebrokerage.com/consolidation-in-stocks/">consolidation</a> and a jump above the $77.00 level for a bullish option. With such a move, we would get support in the EMA50 moving average, which should have a positive impact on the future movement of oil prices. Potential higher targets are $77.50 and $78.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-241430 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/11/33frxKmW-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>During the Asian trading session, the price of natural gas continued to retreat below the $3.00 level. On Friday, before the end of the US session, the price of natural gas tried to reach the $3.00 level, but that recovery was stopped at the $2.96 level. This morning, we see the continuation of the bearish side and the formation of a new low price at the $2.86 level. We are currently managing to stay above that level, but we are still rising under bearish pressure.</p>
<p>A break below leads to the formation of a new low, and the potential lower targets are the $2.80 and $2.75 levels. We need a positive consolidation and a return above the $3.00 level for a bullish option. Then, we need to hold on there and form a new bottom from which we would start further recovery. Potential higher targets are $3.05 and $3.10 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-241431 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/11/s6m2W2bT-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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