Crude oil prices hold firm above the $85.40–60 support zone, fueled by escalating Iran-Israel tensions.
Our previous outlook for crude oil still stands
As shown on the chart, the market is still holding above the 85.40–60 support zone.
If prices stay above this area, a move up toward 102.20 may start at any time, especially with the fragile situation between Iran and Israel.
A break below 85.40 could lead to more downside, while support at 79.00 may trigger a corrective rebound.
SUPPORT | RESISTANCE | |
LEVEL1 | 85.40-60 | 92.00 |
LEVEL2 | 79.00 | 95.15 |
LEVEL3 | 76.00 | 99.00 |
Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). Orbex LIMITED is licensed to provide Investment Services (Reception & Transmission, Execution and Dealing on own account) and Ancillary Services.
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, the level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Comments
Log in or sign up to join the conversation.