Oil and natural gas: Oil is moving above the $76.00 level

<div><img width="1000" height="667" src="https://www.financebrokerage.com/wp-content/uploads/2022/09/shutterstock_1966776964.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Oil" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: Oil is moving above the $76.00 level</b></h1>
<ul>
<li aria-level="1">This week, the price of oil remains at a high level, moving in the $73.50-$77.50 range.</li>
<li aria-level="1">The price of natural gas yesterday formed a new July high at the $2.73 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>This week, the price of oil remains at a high level, moving in the $73.50-$77.50 range. At the beginning of the week, the price found support at $73.50 and has been in a bullish trend since then. Today’s price high is $76.50, and for now, we have resistance at that level as we see a <a href="https://www.financebrokerage.com/oil-and-natural-gas-the-oil-in-a-pullback-to-78-00/">pullback</a> to $76.00 looking for support. That does not rule out a further pullback to the $75.50 and $75.00 levels. Additional support at $75.00 is at the EMA50 moving average.</p>
<p>We need a positive consolidation and a new move above the $76.50 level for a bullish option. Then, it is necessary to maintain it up there in order to generate a new bullish impulse and start further growth. Potential higher targets are $77.00 and $77.50 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-213268 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/laH0zPX6-1024×621.jpg" alt="Oil chart analysis" width="1024" height="621" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas yesterday formed a new July high at the $2.73 level. After that, we see a pullback to consolidation during the Asian trading session at the $2.69 level. In the previous hour, the price of natural gas made a strong bullish impulse and moved us to the $2.72 level. It is possible that we will soon see a test of the previous high and a break above it, as well as the formation of a new one. Potential higher targets are $2.74 and $2.75 levels.</p>
<p>We need negative consolidation and price pullback below the $2.69 level for a bearish option. After that, the price would turn down and go into a pullback. Potential lower targets are $2.68 and $2.66 levels. The EMA50 moving average remains low at the $2.60 level.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-213269 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/XuovlphQ-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-is-moving-above-the-76-00-level/">Oil and natural gas: Oil is moving above the $76.00 level</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>