Oil Is on the Rise Again—What's Going On?
Oil prices are still holding near a 16-week peak after a sharp rally, but the market is starting to hold its breath as many traders take profits and await the next catalyst. WTI remains near its latest high—a sign that momentum remains strong, but its room for movement is increasingly sensitive.
Two key drivers are the weakening US dollar (making oil cheaper for global buyers) and the resurgent geopolitical risk premium, particularly regarding Iran after Trump mentioned the movement of a "large armada" to the Middle East. As long as these two factors remain in place, the upward bias remains open—with the risk of sudden increases in volatility. (az)
The oil price at the time of this analysis is $66.83
- Buy if the price moves below $66.93
- Sell if the price moves below $66.73
Resistance 2: $67.23
Resistance 1: $67.08
Support 1: $66.58
Support 2: $66.43
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
