Oil and natural gas: Oil retreated to the $82.00 level

<div><img width="1200" height="801" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/12/oil-production.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="oil production" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: Oil retreated to the $82.00 level</b></h1>
<ul>
<li aria-level="1">From last Thursday to this morning, the price of oil fell by $13.00.</li>
<li aria-level="1">The first week of October was very bullish for the price of natural gas.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>From last Thursday to this morning, the price of oil fell by $13.00. From $95.00 to $82.00 this morning. In the previous 12 hours, oil managed to slow down the decline and stay above the $82.00 level. It would need to move above the $83.00 level to take the first step towards a potential recovery. Then, it is necessary to maintain above that level and to form a new oil price bottom there.</p>
<p>After that, we could expect to see continued <a href="https://www.financebrokerage.com/2023-economic-recovery-in-china/">recovery</a> and oil price growth on the bullish side. Potential higher targets are $84.00 and $83.00 levels. We need a negative consolidation and a breakout of the oil price below the $82.00 support level for a bearish option. A fall below would lead to the formation of a new lower low, and thus, we would see confirmation of the bearish option. Potential lower targets are $81.00 and $80.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-231576 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/2LzXKFvT-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The first week of October was very bullish for the price of natural gas. We started Monday at the $2.68 level and are now at the $3.10 level. During the previous Asian trading session, the price was maintained around the $3.04 level, and at the beginning of the EU session, we saw a bullish impulse and a jump to a new high.</p>
<p>If we manage to hold above this morning’s support zone, we could expect the price to continue to break above and form a new high. Potential higher targets are $3.12 and $3.14 levels. We need a negative consolidation and pullback to the $3.00 support level for a bearish option. A break below could indicate that we will see a continuation of the decline to the bearish side. Potential lower targets are $2.95 and $2.90 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-231577 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/48km7No1-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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