BRNUSD
Despite the rising tensions between Israel and Lebanon, oil prices have been subjected to only a limited impact, owing to the increase in stocks reported by the U.S. Energy Information Administration. Developments in the Middle East create uncertainty in oil markets, while the direction of European and U.S. stock exchanges could influence pricing trends. In particular, the U.S. elections and subsequent Fed interest rate decisions may cause fluctuations in the markets. During this period, oil prices finding support at the 74.50 – 75.00 levels could indicate the continuation of upward movements.
From a technical analysis perspective, BRNUSD continues to remain above the 74.50 - 75.00 support zone on the 4-hour chart. In upward movements, the 75.50, 76.00, and 76.50 levels can be monitored as resistance. The RSI indicator is at the 45 level, indicating a neutral outlook. However, a 0.26% decline in prices might create slight pressure in the short term. In the event of a downside break, the 74.00 and 73.50 levels could come into play as support.
Support :
Resistance :