Oil and natural gas: Oil retreats to the $86.00 level
<div><img width="1200" height="795" src="https://www.financebrokerage.com/wp-content/uploads/2023/03/oil-4-1.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 retreats to the $86.00 level</b></h1>
<ul>
<li aria-level="1">The oil price has been retreating since Wednesday after jumping to the $88.05 level.</li>
<li aria-level="1">The price of natural gas continues to recover after falling yesterday to the $2.44 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The oil price has been retreating since Wednesday after jumping to the $88.05 level. Since then, we have been in a bearish consolidation with the formation of this morning’s low at the $86.00 level. The price started to recover in the EU session by growing to the $86.90 level. We need a continuation of this positive consolidation if we want to see a further recovery in oil prices. Potential higher targets are $87.50 and $88.00 levels.</p>
<p>We need a negative consolidation and a drop below this morning’s <a href="https://www.financebrokerage.com/solana-and-cardano-cardano-finds-support-at-the-0-250/">support</a> at the $86.00 level for a bearish option. After that, we will see the formation of a new low and the confirmation of the bearish option. Potential lower targets are $85.50 and $85.00 levels. Additional support at the $85.00 level could be found in the EMA50 moving average.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-225045 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/09/1iDV1GuP-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas continues to recover after falling yesterday to the $2.44 level. During the Asian trading session, we moved around the $2.55 level, and now in the EU session, we see the continuation of the bullish consolidation. The price could soon return above the $2.60 level and thus find support in the EMA50 moving average. Potential higher targets are $2.65 and $2.70 levels.</p>
<p>We need negative consolidation and price pullback below the $2.50 level for a bearish option. There, we would approach the previous support zone. This could influence us to see a breakout below and the formation of a new low. Potential lower targets are $2.40 and $2.35 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-225046 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/09/wglmf6Ae-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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