BRNUSD
Oil prices are on an upward trend due to tensions between Israel and Lebanon. Data from the U.S. Energy Information Administration indicating an increase in stocks had a limited impact the previous day. As the course of U.S. and European markets is closely monitored, prices remaining above the 74.50 – 75.00 support levels could sustain the upward outlook. In potential rises, levels of 76.50 and 77.00 can be targeted, while movements below the 74.50 level in possible declines may indicate a more pronounced downward trend. From a technical perspective, the chart is monitored on a four-hour timeframe. Oil prices are tracking support levels at 74.00, 73.50, and 73.00. In upward movements, resistance levels at 75.50, 76.00, and 76.50 are significant. The RSI indicator shows a negative outlook at level 40. Prices have decreased by 1.69% compared to the previous day, which may indicate that the downward trend could continue. However, maintaining the 74.00 level could keep the short-term recovery potential alive.
Comments