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Daily Technical Analysis Research 10.10.2024 – Global Markets (OIL)

By Matthew Hayward

October 10, 2024

3 min read

Daily Technical Analysis Research 10.10.2024 – Global Markets...

OIL (WTI/USD | BRENT):

As tensions in the Middle East continue to escalate, volatility in risk assets and commodities like oil has also increased. The price of oil has mirrored this uncertainty, with frequent fluctuations in price action, as shown below. Currently, it appears that the price has moved back above a previous support area that had turned into resistance, and now seems to be retesting that level as support once again.

Daily Technical Analysis Research 10.10.2024 - Global Markets (OIL) - Screenshot 2024 10 10 at 15.59.58 1024x628

A closer examination of the technicals shows that the price has now moved back above the external descending trend line. If this level holds as dynamic support, in conjunction with the previously mentioned support area, I’d be interested to see if the price can push higher into the $80.00 – $82.00 range. At the moment, the RSI indicator shows no signs that this upward movement is overbought.

Daily Technical Analysis Research 10.10.2024 - Global Markets (OIL) - Screenshot 2024 10 10 at 16.00.09 1024x622

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Author

Matthew Hayward

Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...

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