Oil prices surged dramatically today in response to Israeli strikes on Iran. However, since around 4:30 a.m., we’ve observed a gradual profit-taking, with the price pulling back to $73 from the earlier high of $79. The lack of an immediate response from Iran and reduced activity from the Israeli military are prompting the market to correct the initial gains. Additionally, OPEC reported that there have been no signals indicating any disruption to oil supply. Donald Trump has once again urged Iran to sign a nuclear deal and avoid the risk of a broader conflict.
OIL (15-minute interval)
Oil is trading within a rising triangle pattern, and if the price manages to break above $74, we could potentially see another upward impulse toward $80. On the other hand, increased selling volumes are being observed. If Tehran refrains from a military response in the near term, the market may aim to erase the entire upward move.
Source: xStation5
đź’ĄDaily Summary: Tech Sector Crash on Wall Street and Historic Attack on Binance
Gold prices drop sharply at the end of October. The collapse of the safe-haven myth or a search for liquidity?
Market Wrap: Binance Hack Shakes Markets. European Equities Under Pressure
Chart of the Day: USDJPY After Fed and BoJ decisions. Is Japan getting closer to another rate Hhike?