Oil and Natural Gas: Oil advances above $86.00 level

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/11/Oil-prices-2.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 advances above $86.00 level</b></h1>
<ul>
<li aria-level="1">The price of oil spent the first part of this week in the $85.00-$87.00 range, and yesterday, we saw a drop to the $82.30 level.</li>
<li aria-level="1">The price of natural gas has been retreating in the past two days from the $3.38 level.</li>
</ul>
<h2><b>Oil Analysis Chart</b></h2>
<p>The price of oil spent the first part of this week in the $85.00-$87.00 range, and yesterday, we saw a drop to the $82.30 level. With this retreat, the price of oil closed the gap created at the market opening on Monday morning. During the previous Asian trading session, we saw a <a href="https://www.financebrokerage.com/the-dollar-index-with-bullish-consolidation-rises-to-101-00/">bullish consolidation</a> and continued oil price recovery to the $86.00 level. We are now very close to testing the previous resistance at the $87.00 level.</p>
<p>We broke above the EMA50 moving average at $ 85.00 and now have its support. Potential higher targets are $88.00 and $89.00 levels. We need a negative consolidation and a new pullback to the support zone around the $82.00 level for a bearish option. A break below would lead to the formation of this week’s new low and thus increase the bearish pressure on the price of oil. Potential lower targets are $81.00 and $80.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-233272 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/255fb6Cq-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 has been retreating in the past two days from the $3.38 level. On Wednesday, we saw the first bearish impulse up to the $3.11 level, but very quickly, we got support at that level, and we returned above the $3.20 level. Then, we once again tried to break the resistance zone above $3.30; it ended unsuccessfully, and the price started to pull back. During the Asian session, NATGAS continued the bearish trend, descending to the $3.16 level.</p>
<p>It is possible that we will see a continuation of the pullback to the $3.10 level, where the EMA50 moving average awaits us as a potential support. A break below would mean that the price has no strength to recover, and we will see a continuation of the pullback to the bearish side. Potential lower targets are $3.05 and $3.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-233273 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/rYObN5zJ-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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