USOIL - REVERSING FROM SUPPORT

Oil prices ticked up in early trade and currently continue at the bullish trend after falling in the previous session until 68.64 as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil’s risk premium.

Generally, the direction is uptrend

Uptrend Side: Oil prices are showing bullish momentum, reinforcing projections of continued gains in the near term. The price is on track to reach our expected target of $70.51, with a breakout above this level likely to drive the upward wave further toward $71.74.

Downtrend Side: Conversely, a break below $68.64 would disrupt the upward momentum and prompt a shift toward a downward trend.

Tendency Keys: 68.64
Chart PatternsHarmonic PatternsTrend Analysis

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