Oil Gains Pressure, Hormuz Key
Oil remains at high levels after a sharp rally, with WTI around $71/barrel and Brent around $78/barrel, as the market prices in the risk of supply and logistics disruptions. The closure of the Strait of Hormuz and disruptions to energy facilities have kept the risk premium high.
The short-term direction remains defensively bullish: as long as tanker flows remain unregulated, corrections are likely to be bought. Traders' current focus is on the status of Hormuz, updates on infrastructure attacks, and policy responses (OPEC+/SPR/IEA). (asd)
Oil price at the time of this analysis is $77.76
- Buy if the price moves below $77.97
- Sell if the price moves below $77.54
Resistance 2: $77.49
Resistance 1: $78.21
Support 1: $77.24
Support 2: $76.96
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the influence of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id