Oil and Natural Gas: The price of oil falls below $83.00

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/03/oil.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Natural Gas News: Comparative Analysis and Outlook" decoding="async" loading="lazy" /></div><h1><b>Oil and Natural Gas: The price of oil falls below $83.00</b></h1>
<ul>
<li aria-level="1">This week, the oil price was retreating from $85.00 to $80.19.</li>
<li aria-level="1">During the previous Asian trading session, the price of natural gas was successfully maintained above the $3.50 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>This week, the oil price was retreating from $85.00 to $80.19. Yesterday, a low was formed at that level, acena managed to find support there and initiate a bullish consolidation. During the previous Asian trading session, oil rose to $83.00.</p>
<p>We currently have resistance at that level and see a pullback to the $82.50 support level. Now, we need to manage to stay above that level in order to start a bullish continuation.</p>
<p>Potential higher targets are $83.50 and $84.00 levels. We will have additional resistance in the zone around $83.50 in the EMA50 moving average, and we need a break above to continue the growth. For a bearish option, we need a negative <a href="https://www.financebrokerage.com/eurusd-and-gbpusd-euro-in-bullish-consolidation-to-1-05400/">consolidation</a> and a drop below the $82.00 level.</p>
<p>This would give us the opportunity to form a new low, which would confirm the increased bearish pressure. Potential lower targets are $81.00 and $80.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-238019 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/11/lbNNg2pN-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>During the previous Asian trading session, the price of natural gas was successfully maintained above the $3.50 level. In the EU session, we see a bullish continuation with the formation of a daily high at the $3.57 level.</p>
<p>We expect a continuation of growth and a visit to the previous high at the $3.64 level. A retest of that level could produce a breakout above and the formation of a new high. Potential higher targets are $3.70 and $3.75 levels.</p>
<p>For a bearish option, we need a negative consolidation and a drop below the 3.50 support level. After that, we would test the $3.47 level from the market opening last night.</p>
<p>A break below would form a new daily low and signal a continuation of the bearish side. Potential lower targets are the $3.45 and $3.40 levels. Additional support in the zone around $3.40 was provided by the EMA50 moving average.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-238020 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/11/7S6A2xA1-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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