During the Asian trading session, the price of oil started negative at the beginning of the session, but as time went on, oil erased all losses and moved to a positive level. The price of oil rose to the $92.60 level with the previous bullish impulse, and if it continues like this until the end of the day, we could see a move to the $93.00 level. Above, we are very close to the previous high at the $93.60 level. A break above that level would greatly benefit us because we would form a new higher high.
Potential higher targets are the $94.00 and $95.00 levels. For a bearish option, we need a negative consolidation and price pullback to the $90.00 support level. Failure at that level could lead to a breakout below and a continuation of the bearish scenario. Potential lower targets are the $89.00 and $88.00 levels.
The price of natural gas continues to be maintained at the $6.60 level. On October 24, the gas price was at the $4.75 level, and after two weeks, it rose to the $6.60 level, representing a growth of 38.60%. We need a positive consolidation and further breakthrough above the $6.60 level for a bullish option.
Potential higher targets are the $6.80 and $7.00 levels. The previous time we were at the $7.00 level was a month ago. For a bearish option, we need a negative consolidation and price pullback below the $6.40 level. After that, we could expect further price pullback. Potential lower targets are $6.20, $6.00, and $5.80.
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