Oil and natural gas: Oil under pressure at $84.00 level
<div><img width="1200" height="800" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/10/shutterstock_545016799.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 under pressure at $84.00 level</b></h1>
<ul>
<li aria-level="1">The oil price continued its retreat since Friday from the $86.00 level to the $84.00 level.</li>
<li aria-level="1">During the Asian trading session, the price of natural gas was in a slight bearish <a href="https://www.financebrokerage.com/the-dollar-index-with-bullish-consolidation-rises-to-101-00/">consolidation</a> below the $3.40 level.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The oil price continued its retreat since Friday from the $86.00 level to the $84.00 level. We also remain under the pressure of the EMA50 moving average, which does not allow a break above its line.</p>
<p>So, during the Asian session, we saw a pullback that continues in the current EU session. The increased pressure will make the price of oil continue to retreat, and the potential lower targets are $83.50 and $83.00.</p>
<p>For a bullish option, we need a positive consolidation and a move above the $85.50 level. There, we would retest the EMA50 moving average and have to move above it to be able to continue on the bullish side. Potential higher targets are $86.00 and $86.50 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-236534 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/dh8fvhRk-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>During the Asian trading session, the price of natural gas was in a slight bearish consolidation below the $3.40 level. Today’s low is $3.35, but the expectation is that we will see a break below and another pullback.</p>
<p>On Friday, the price of natural gas jumped to the $3.64 level, forming a new nine-month high. Potential lower targets are $3.30 and $3.25 levels. By lowering the gas price level to $3.25, it would close the gap that was created at the beginning of the market opening on Friday.</p>
<p>For a bullish option, we need a positive consolidation and a price jump above the $3.45 level. That’s how we would close the gap from the market opening last night.</p>
<p>Then, we would have to hold on up there and form a bottom, from which we would start further price growth. Potential higher targets are $3.50 and $3.55 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-236535 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/y03oeegQ-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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