Oil Prices Slump as Israel-Iran Tensions Drop: Bears Eye $71
Israel's targeted strike, which avoided Iran's energy facilities, is driving crude oil prices sharply lower. After closing Friday at $75 per barrel, prices opened today at $72.61 and quickly dropped to a low of $71. This has created a notable gap between today’s high and Friday’s close, which could be filled if prices rebound temporarily before resuming a potential downward trend.The recent price action has also breached a significant triangle pattern, suggesting a strong downside move.
The trend will remain bearish below $74.32, with sellers targeting $71 and potentially $69.89 per barrel.
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The trend will remain bearish below $74.32, with sellers targeting $71 and potentially $69.89 per barrel.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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