Oil and natural gas: Oil retreated to the $83.00 level

<div><img width="1200" height="651" src="https://www.financebrokerage.com/wp-content/uploads/2022/10/Oil-prices.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Oil prices" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: Oil retreated to the $83.00 level</b></h1>
<ul>
<li aria-level="1">The price of oil jumped to $84.85 yesterday.</li>
<li aria-level="1">The price of natural gas was retreating from the $3.00 level yesterday.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The price of oil jumped to $84.85 yesterday. This is where we encounter resistance and see that the price starts to pull back, looking for new support. During the Asian trading session, the price hovered around the $82.70 level. At the beginning of the EU session, the price tests the $82.40 level and manages to get its support, which leads to a <a href="https://www.financebrokerage.com/teslas-stock-shows-signs-of-recovery-amid-volatility/">recovery</a> to the $83.00 level.</p>
<p>Now, we need a break above to trigger a new bullish option. Potential higher targets are $84.00 and $85.00 levels. We need a negative consolidation and price pullback to the $82.00 support level for a bearish option. Additional price support is the EMA50 moving average. And if a break above occurs, the price could easily slide even lower. Potential lower targets are $81.00 and $80.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-218427 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/4elFM5mE-1024×641.jpg" alt="Oil chart analysis" width="1024" height="641" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas was retreating from the $3.00 level yesterday. We did not withstand the pressure at that level, and a drop to the $2.75 level followed. During the Asian trading session, natural gas managed to consolidate and move up to the $2.80 level. Now, we need a break above it to trigger a new bullish option. Potential higher targets are $2.90 and $3.00 levels.</p>
<p>We need a negative consolidation and a drop below the $2.75 support level for a bearish option. Additional price support in that zone is the EMA50 moving average. The inability to stay above it will lead to a further fall and a visit to lower levels. Potential lower targets are $2.70 and $2.60 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-218428 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/08/YxnO5FGA-1024×641.jpg" alt="Natural gas chart analysis" width="1024" height="641" /></p>
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