Oil and Natural Gas: Oil is down to $87.00 this morning

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/09/Russian-fuel-oil.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Russian fuel oil" decoding="async" loading="lazy" /></div><h1><strong>Oil and Natural Gas: Oil is down to $87.00 this morning</strong></h1>
<p>At the beginning of the Asian session last night, the oil price made a bearish gap and began to retreat.<br />
We saw a bearish gap in natural gas prices at the market opening last night.</p>
<h2><strong>Oil chart analysis</strong></h2>
<p>At the beginning of the Asian session last night, the oil price made a bearish gap and began to retreat. This negative consolidation was stopped at $87.00, where the price found support and started a bullish consolidation to the $87.50 level. We are also fighting here to get back above the EMA50 moving average to get its <a href="https://www.financebrokerage.com/usdchf-and-usdjpy-usdchf-forms-support-at-the-0-90200/">support</a> and continue to the bullish side. Potential higher targets are $88.00 and $89.00 levels.</p>
<p>We need a negative consolidation and a drop below the support at the $87.00 level for a bearish option. Thus, we would form a new low for this week, which could trigger a further price drop. We would also go back below the EMA50, which could have a negative impact on the price of oil. Potential lower targets are $86.50 and $86.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-234919 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/T2jg5V7j-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><strong>Natural gas chart analysis</strong></h2>
<p>We saw a bearish gap in natural gas prices at the market opening last night. This triggered a bearish consolidation to support at the $2.86 level. After the support, the price starts a bullish consolidation and climbs up to the $2.90 level. We need a breakthrough to $2.95 in order to partially release the bearish pressure and continue towards the $3.00 level.</p>
<p>A further jump above the $3.00 level could cause natural gas to initiate a longer bullish consolidation that would last this week. Potential higher targets are $3.05 and $3.10 levels.</p>
<p>We need a negative consolidation and a drop below this morning&#8217;s support for a bearish option. Thus, we would form a new low and thus confirm the bearish option. Potential lower targets are $2.80 and $2.75 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-234918 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/MpTq3mSC-1024×620.jpg" alt="Natural Gas chart analysis" width="1024" height="620" /></p>
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