Oil and natural gas: oil returns to the $85.00 level

<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/08/shutterstock_1736400932.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="oil" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: oil returns to the $85.00 level</b></h1>
<ul>
<li aria-level="1">The oil price was in retreat this week from the $88.28 level.</li>
<li aria-level="1">The price of natural gas jumped to $3.50 this morning.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The oil price was in retreat this week from the $88.28 level. On Wednesday, we saw a drop to the $82.06 level, after which the price started to recover to <a href="https://www.financebrokerage.com/dollar-index-dollar-breakout-105-00-resistance-up-to-105-45/">resistance</a> at the $85.50 level. Then, we see a new pullback to $82.50, where we once again held on and returned above the $84.00 level with a new impulse.</p>
<p>For now, we are holding above that level and trying to get support to continue to the bullish side. Potential higher targets are $85.00 and $86.00 levels.</p>
<p>EMA50 would represent an obstacle for us in the zone around the $85.50 level. We need negative consolidation and price pullback below the $83.00 level for a bearish option.</p>
<p>After that, we would again have the opportunity to approach the previous support zone. Potential lower targets are $82.00 and $81.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-236212 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/SXpsI7Sg-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 jumped to $3.50 this morning. Before that, we consolidated for a long time around the $3.00 level, after which the price broke above the EMA50 moving average and started a bullish consolidation. The current price is $3.57, and we could expect to see a continuation and a break above the $3.60 level.</p>
<p>Potential higher targets are the $3.65 and $3.70 levels. We need a negative consolidation and a price pullback below the $3.50 level for a bearish option. After that, we could expect to see a further pullback to the bearish side. Potential lower targets are the $3.45 and $3.40 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-236213 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/3ANIeTyZ-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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