Due to what we are seeing between the US, Israel, and Iran - Oil prices have experienced heightened levels of volatility.
Since September '23, Oil has respected a clear series of lower highs, with each touch of the orange trendline marked by a red X. Every attempt higher has been faded — and nothing's changed yet.
The most recent move started with a bull div at the $55 double bottom — this front-ran the escalation between Israel and Iran, sending price rocketing into $77.
At the highs:
Bear div forms on RSI
RSI rejects clean off 70
Daily candles close below orange trendline
Peace talk headlines emerge
Price drops nearly 17% from the top
Now we’re back inside our white box, a strong demand zone from $64–$67.
Depending on how talks go between these countries will determine the next market stricture to develop for crude oil.
If talks go well we could see a breakdown of the $64 level into the $58-$61 range or if the war starts to escalate we could see this $64 level hold and head back up towards the trendline.
Since September '23, Oil has respected a clear series of lower highs, with each touch of the orange trendline marked by a red X. Every attempt higher has been faded — and nothing's changed yet.
The most recent move started with a bull div at the $55 double bottom — this front-ran the escalation between Israel and Iran, sending price rocketing into $77.
At the highs:
Bear div forms on RSI
RSI rejects clean off 70
Daily candles close below orange trendline
Peace talk headlines emerge
Price drops nearly 17% from the top
Now we’re back inside our white box, a strong demand zone from $64–$67.
Depending on how talks go between these countries will determine the next market stricture to develop for crude oil.
If talks go well we could see a breakdown of the $64 level into the $58-$61 range or if the war starts to escalate we could see this $64 level hold and head back up towards the trendline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.