Oil and natural gas: Oil jumps above the $90.00 level

<div><img width="1200" height="800" src="https://www.financebrokerage.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><b>Oil and natural gas: Oil jumps above the $90.00 level</b></h1>
<ul>
<li aria-level="1">During the Asian trading session, the oil price formed a new high at the $91.11 level.</li>
<li aria-level="1">This week, we saw a bullish scenario of natural gas prices up to $2.78.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>During the Asian trading session, the oil price formed a new high at the $91.11 level. The last time the oil price was in that zone was in November of the previous year. We are currently encountering resistance in that zone and pulling back to the $90.50 level. It is possible that we will see a test of $90.00 and an attempt to get new support there. A break below could mean that the price is not strong enough to start a further <a href="https://www.financebrokerage.com/teslas-stock-shows-signs-of-recovery-amid-volatility/">recovery</a> and that we will continue to fall to lower levels. Potential lower targets are $89.00 and $88.00 levels.</p>
<p>We need a positive consolidation and a return to the $91.00 level for a bullish option. Then, we need to see a break above to see a continuation to the bullish side. With a new impulse, oil would then form a new higher high, and the potential higher targets are $92.00 and $93.0.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-226967 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/09/JTv1tQej-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>This week, we saw a bullish scenario of natural gas prices up to $2.78. At that price level, it encounters resistance and retreats to the $2.66 level. During the Asian session, we got support in that zone and initiated a positive consolidation and recovery to the $2.70 level. Based on today’s consolidation, we can expect to see a continuation to the bullish side.</p>
<p>Today, there is no important economic news that could increase the market’s volatility, which means that the price of gas could rise unhindered. Potential higher targets are the $2.72 and $2.74 levels. We need a negative consolidation and pullback below the $2.66 support level for a bearish option. After that, we could expect to see a further retreat in the price of natural gas. Potential lower targets are $2.64 and $2.62 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-226968 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/09/1eyZExtC-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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