Oil and Natural Gas: Oil pulled back to $74.00 yesterday

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2022/12/oil-price.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 pulled back to $74.00 yesterday</b></h1>
<ul>
<li aria-level="1">The price of oil yesterday made a big retreat from $77.00 to $73.70 level.</li>
<li aria-level="1">The price of natural gas retreated to the $2.20 level yesterday.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The price of oil yesterday made a big retreat from $77.00 to $73.70 level. The dollar’s instability led to a drop in the price of oil. During the Asian trading session, we managed to hold above the $73.50 level and climb above the $74.00 level. If we plan to see a recovery, the price would have to move above $74.50. Then, it would have to hold up there in order to generate a <a href="https://www.financebrokerage.com/eurusd-and-gbpusd-euro-in-bullish-consolidation-to-1-05400/">bullish</a> impulse from that consolidation.</p>
<p>Potential higher targets are $75.00 and $76.00 levels. The EMA200 moving average could ruin our bullish plans in the zone around the $75.50 level. We need to put new pressure on this morning’s support level for the bearish option. A break below would form this week’s new price low, and potential lower targets are the $73.50 and $73.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-258233 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/02/yBXgstES-1024×598.jpg" alt="Oil Chart Analysis" width="1024" height="598" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas retreated to the $2.20 level yesterday. A new two-month price low has been formed; the last time we were there was at the beginning of December. During the previous Asian trading session, the price stabilized and slightly recovered to $2.23. If the support level holds, the price could initiate a bullish consolidation and rise above the $2.25 level. After that, positive higher targets are $2.30 and $2.35 levels.</p>
<p>In the zone around the $2.35 level, we came across the EMA200 moving average again, which did not allow us to break above it even in the previous three weeks. We need a negative consolidation and a retest of the $2.20 support level for a bearish option. A break below would signal further decline and form a new price low. Potential lower targets are $2.15 and $2.10 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-258234 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/02/ig6H82Oz-1024×598.jpg" alt="Natural gas chart analysis" width="1024" height="598" /></p>
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