Oil Below $100 — Is the Market Underpricing Weekend Risk?
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Oil continued lower after the U.S. midterms and finally slipped below the psychological $100 level.
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But I think the market may be getting too comfortable.
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Geopolitical risk around Iran, the U.S., and Israel is still alive — and another weekend is approaching.
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Technically, oil is now trading inside the Heavy Support Zone ($78-$96) and the closer Support Zone ($93-$96).
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For me, this is where a bullish reaction could start.
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If buyers defend this area, I expect oil to reclaim $100 and potentially move toward $101.83, followed by $103.90.
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Trade Setup
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TP1: $97.30
TP2: $103.90
TP3: $108.20
SL: $91.40
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The key question now:
⠀
Does oil reclaim $100 before the weekend — or do sellers stay in control?
⠀
🟢 $103.90
🔴 $91.40
⠀
#oil
⠀
Oil continued lower after the U.S. midterms and finally slipped below the psychological $100 level.
⠀
But I think the market may be getting too comfortable.
⠀
Geopolitical risk around Iran, the U.S., and Israel is still alive — and another weekend is approaching.
⠀
Technically, oil is now trading inside the Heavy Support Zone ($78-$96) and the closer Support Zone ($93-$96).
⠀
For me, this is where a bullish reaction could start.
⠀
If buyers defend this area, I expect oil to reclaim $100 and potentially move toward $101.83, followed by $103.90.
⠀
Trade Setup
⠀
TP1: $97.30
TP2: $103.90
TP3: $108.20
SL: $91.40
⠀
The key question now:
⠀
Does oil reclaim $100 before the weekend — or do sellers stay in control?
⠀
🟢 $103.90
🔴 $91.40
⠀
#oil
