Oil in retreat with an eye on $80.00 levels, September low

<div><img width="1200" height="798" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/01/Oil.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Natural Gas News: Comparative Analysis and Outlook" decoding="async" loading="lazy" /></div><h1><b>Oil in retreat with an eye on $80.00 levels, September low</b></h1>
<ul>
<li aria-level="1">September was very bullish for the price of oil. After forming a low at 77.56 on August 23, the oil price has initiated a bullish consolidation.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>Today’s chart review will be on a four-hour time frame in order to give us a broader overview of USDWTI – oil movements in the previous period, and based on that, we will analyze the future potential trend.</p>
<p>September was very bullish for the price of oil. After forming a low at 77.56 on August 23, the oil price has initiated a bullish consolidation. We started September with the $80.00 level, only to stop at the $94.99 level. In that period, the price of oil jumped by 22.0%. We encounter <a href="https://www.financebrokerage.com/oil-and-natural-gas-oil-remains-below-resistance-at-72-00/">resistance</a> at the $95.00 level, and the price begins to pull back, making a bearish consolidation and losing support in the EMA50 moving average.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-231977 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/cZ7ZXmUk-1024×524.jpg" alt="Oil chart analysis" width="1024" height="524" /></p>
<h2><strong>What happened to the price of oil?</strong></h2>
<p>In just 10 days, the price of oil fell to the $81.50 level, close to erasing all gains from September. Now, we see a consolidation around the $82.00 level, and we need a return above $84.00 in order to form a new bottom from which we start the continuation of the recovery. If we succeed in this, the next obstacle is the $85.00 level, the previous starting point of the bearish impulse.</p>
<p>A break above would further strengthen the price position for a further continuation to the bullish side. Potential higher targets are $86.00 and $87.00 levels. Additional resistance could be in the EMA50 moving average in the zone around the $87.00 level. It would be of great importance to us if we moved above him, so we could also get his support.</p>
<p>The inability of the oil price to sustain above the $82.00 level of support leads to the continuation of the retreat and the fall to the $80.00 level of support from the beginning of September. There would be an increase in bearish pressure on the oil price to test the previous low of August 23 at the $77.50 level.</p>
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