Started by PocketOption, Oct 11, 2022, 05:15 pm
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During the Asian trading session, the price of oil fell to the $88.50 level, losing 2.20% of its value. We now see a minor recovery to the $89.00 level, and the price could find solid support here as the decline has stopped at the lower line of the ascending channel. For a bullish option, we need a new positive consolidation. Then we need to get back above the $90.00 level and try to hold there. Potential higher targets are the $92.00 and $94.00 levels. For a bearish option, we need a negative consolidation and a drop below the lower channel line at $88.00. In continuation, the price could drop to the previous support zone of $85.00-$86.00. This would form a new lower low, which could result in a further retreat of the oil price to the September lows.
the price of natural gas yesterday tried to climb up to $7.00 but stopped at $6.80. After that, we saw a drop to the $6.40 level. Cena finds support there and manages to stay at that level. Today, there is more pressure on this support level, and a break below and a further drop in the price of natural gas could occur. Potential lower targets are the $6.20 and $6.00 levels. For a bullish option, we need a new positive consolidation and a rise above the $6.60 level. After that, we could try again to climb above the $6.80 level. If we succeed in that, we need to stay there and try to move to the $7.00 level with the next bullish impulse. The gas price has not managed to recover above the $7.00 level for two weeks.
An outbreak of new coronavirus cases in China has raised concerns about a slowdown in global demand. A strong dollar reduces the oil demand. China’s zero-tolerance policy on COVID-19 ahead of the Communist Party congress “is not contributing to boosting oil demand,” analysts added. The number of infections in the world’s second-largest oil consumer rose to its highest level since August. Activity in China’s service sector fell in September for the first time in four months as restrictions against the pandemic increased.
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