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Oil and Natural Gas: The bearish trend for the fifth day
The price of oil yesterday did not withstand the pressure of the increase in Covid-19 newly infected and new lockdowns in China, as well as announcements in other countries. From $98.40, the price dropped to $92.40. During the Asian trading session, the price managed to stay above $93.00, and we are holding at that level for now. Bearish pressure is evident on the chart, and we could expect a further drop in the price towards the $90.00 level. For a bullish option, we need a new positive consolidation and a return above the $95.00 level. In this way, the price of oil would form a new bottom and could continue towards ... (full story)