Oil moves below $77.00 while natural gas remains below $3.00

<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 moves below $77.00 while natural gas remains below $3.00</b></h1>
<ul>
<li aria-level="1">The first part of this week was very turbulent for the price of oil.</li>
<li aria-level="1">On Wednesday, we saw a drop in the price of natural gas to the $2.82 level, where we formed a two-month price low.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The first part of this week was very turbulent for the price of oil. We held above the $77.00 level on Monday and Tuesday, only to see bearish consolidation and a drop to the $74.00 support level on Wednesday. We managed to get support at that level and start a recovery to the $77.00 level. There, we encounter the EMA50 moving average, which for now represents additional resistance in the zone around the $77.00 level.</p>
<p>Thursday is the first day of Thanksgiving, and there is a decrease in market volatility, and the price of oil moves in the $75.00-$77.00 range. We spent most of this consolidation near the upper level, which could cause a <a href="https://www.financebrokerage.com/dollar-index-dollar-breakout-105-00-resistance-up-to-105-45/">breakout</a> above and a continuation to the bullish side next week. Potential higher targets are $77.50 and $78.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-242690 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/11/0lDFmZ28-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>On Wednesday, we saw a drop in the price of natural gas to the $2.82 level, where we formed a two-month price low. We managed to get support at that level and start a recovery to the $2.95 level. We encounter new resistance in that zone and start a new pullback to the $2.88 level. Now, we are again on the way to fall below $2.85 and visit the previous low. Potential lower targets are $2.80 and $2.75 levels.</p>
<p>We need positive consolidation and growth above the $3.00 level for a bullish option. Thus, we would jump above the EMA50 moving average, which could then provide us with support for the continued bullish side. Potential higher targets are $3.05 and $3.10 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-242691 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/11/cBxdBntH-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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