Oil +3% today, breaking out — geopolitical risk premium is back 🛢️
Technical snapshot: $80.59 (+3.08%), strong uptrend, RSI 50.3 neutral (room to run), volume normal. Price above SMA5 ($77.41) and SMA50 ($80.30) — breakout confirmed.
Why this matters: Middle East tensions escalating, OPEC+ maintaining discipline, and US strategic petroleum reserve is low. Oil has been consolidating $70-85 for months. A sustained break above $80 could trigger momentum buying.
Key levels:
📍 Support: $70.44 (SMA20)
📍 Resistance: $98.26 (3-month high)
The trade: Long $80-82 with stop $75. Target $90-95 for 2-3 week hold.
Will oil hit $100 before year-end? 👇
#Oil #WTI #Commodities #Energy #DYOR
⚠️ Disclaimer: Not financial advice. Do your own research.
Technical snapshot: $80.59 (+3.08%), strong uptrend, RSI 50.3 neutral (room to run), volume normal. Price above SMA5 ($77.41) and SMA50 ($80.30) — breakout confirmed.
Why this matters: Middle East tensions escalating, OPEC+ maintaining discipline, and US strategic petroleum reserve is low. Oil has been consolidating $70-85 for months. A sustained break above $80 could trigger momentum buying.
Key levels:
📍 Support: $70.44 (SMA20)
📍 Resistance: $98.26 (3-month high)
The trade: Long $80-82 with stop $75. Target $90-95 for 2-3 week hold.
Will oil hit $100 before year-end? 👇
#Oil #WTI #Commodities #Energy #DYOR
⚠️ Disclaimer: Not financial advice. Do your own research.