Oil and natural gas: The price of oil rises to $79.50 

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2023/02/Crude-oil.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Climate Tech Startup Forges Billion-Dollar Deal" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: The price of oil rises to $79.50 </b></h1>
<ul>
<li aria-level="1">The oil price is recovering after yesterday’s retreat to $77.56.</li>
<li aria-level="1">The price of natural gas fell to $2.44 yesterday.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The oil price is recovering after yesterday’s retreat to $77.56. During the Asian trading session, we saw the return of the oil price above the $79.00 level. We are now at $79.60 and on our way to the $80.00 level. In the zone around the $80.00 level, we encounter the EMA50 moving average, which could be an obstacle or slow down this <a href="https://www.financebrokerage.com/teslas-stock-shows-signs-of-recovery-amid-volatility/">recovery</a>. A break above it would mean a further increase in the price of oil. Potential higher targets are $81.00 and $82.00 levels.</p>
<p>We need a negative consolidation and pullback to the $79.00 level for a bearish option. If the price falls below it, we will increase the bearish pressure to continue on the bearish side. Potential lower targets are $78.00 and $77.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-221022 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/t6cIgaRL-1024×619.jpg" alt="Oil chart analysis" width="1024" height="619" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas fell to $2.44 yesterday. From there, a strong bullish impulse followed, and the price jumped almost to the $2.60 level. That’s where we meet resistance and pull back during the Asian trading session. The price receives support at the $2.50 level, from which it tries to initiate a new bullish consolidation. In the zone around $2.60, we have additional resistance in the EMA50 moving average, and we need a break above to continue to the bullish side.</p>
<p>Potential higher targets are $2.65 and $2.70 levels. We need a negative consolidation and a new pullback below the $2.50 level for a bearish option. After that, we probably tested the previous low again at the $2.44 level. Potential lower targets are $2.40 and $2.35 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-221023 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/slwZpm6r-1024×619.jpg" alt="Natural gas chart analysis" width="1024" height="619" /></p>
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