3 min readOIL (WTI/USD | BRENT):
Amid the rising tensions in the Middle East, oil, a commodity closely tied to such events, experienced a price surge. The price action climbed as high as $79.00 before hitting internal resistance, leading to a rejection and a subsequent drop.
A closer look at the technicals reveals two key external trend lines that align with the resistance and support areas we are analysing. I’ll be keeping a close eye on the internal ascending trend line to see how the price reacts as it approaches these critical zones. At the moment, the RSI indicator shows no signs of the price being overbought or oversold.
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