3 min readOIL (WTI/USD | BRENT):
Amid the rising tensions in the Middle East, oil, a commodity closely tied to such events, experienced a price surge. The price action climbed as high as $79.00 before hitting internal resistance, leading to a rejection and a subsequent drop.
A closer look at the technicals reveals two key external trend lines that align with the resistance and support areas we are analysing. I’ll be keeping a close eye on the internal ascending trend line to see how the price reacts as it approaches these critical zones. At the moment, the RSI indicator shows no signs of the price being overbought or oversold.
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Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
