Oil and Natural Gas: The Oil’s Price Rose to the $92.60

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Oil and Natural Gas: The Oil's Price Rose to the $92.60

Oil and Natural Gas: The Oil’s Price Rose to the $92.60

• 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 natural gas continues to be maintained at the $6.60 level.

Oil chart analysis

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.

Natural gas chart analysis

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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