3 min readOIL (WTI/USD | BRENT):
As tensions in the Middle East continue to escalate, volatility in risk assets and commodities like oil has also increased. The price of oil has mirrored this uncertainty, with frequent fluctuations in price action, as shown below. Currently, it appears that the price has moved back above a previous support area that had turned into resistance, and now seems to be retesting that level as support once again.
A closer examination of the technicals shows that the price has now moved back above the external descending trend line. If this level holds as dynamic support, in conjunction with the previously mentioned support area, I’d be interested to see if the price can push higher into the $80.00 – $82.00 range. At the moment, the RSI indicator shows no signs that this upward movement is overbought.
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