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Forex news -forex broker review => Forex => Topic started by: PocketOption on Nov 17, 2022, 11:39 am

Title: Oil and Natural Gas: The Price of Oil Dropped to $84.00
Post by: PocketOption on Nov 17, 2022, 11:39 am
Oil and Natural Gas: The Price of Oil Dropped to $84.00

Oil

Oil and Natural Gas: The Price of Oil Dropped to $84.00



  • The price of oil dropped to $84.00 yesterday.

  • During the Asian trading session, the gas price retreated from the $5.93 level.


Oil chart analysis


The price of oil dropped to $84.00 yesterday. There he finds new support and initiates a bullish impulse that manages to bring the price up to the $88.70 level at one point. A new pullback soon followed, and the price retreated to the $86.00 level. During the Asian trading session, the price of oil managed to maintain that level and moved up to the $87.00 level. For a bullish option, we need a positive consolidation that would take us back to the $88.00 level.


Then it is necessary to maintain up there and, with the next bullish impulse, start the continuation of the oil price recovery. Potential higher targets are the $89.00 and $90.00 levels. For a bearish option, we need a negative consolidation and pullback to yesterday’s $84.00 support level. A price break below could form a new lower low, which would signify the continuation of the oil price drop. Potential lower targets are the $83.00 and $82.00 levels.


Oil Chart Analysis


Natural gas chart analysis


During the Asian trading session, the gas price retreated from the $5.93 level. We are now hovering around $5.80 and could see a drop to the $5.60 support level. Additional support at that level is in the lower support line. For a bearish option, we need a negative consolidation that leads to a break below the support line.


Such a move would reinforce the bearish picture. Potential lower targets are the $5.40 and $5.20 levels. For a bullish option, we need a positive consolidation and a return to the $6.00 resistance level. Then we need to move above and form a new bottom there, from which we would start a new bullish impulse. Potential higher targets are the $6.20 and $6.40 levels.


Natural Gas Chart Analysis



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