November 1, 2024
We previously turned bearish on oil when it dropped below the key $70-$72 range, breaking through important support levels like the Anchored VWAP from April 2020 and the 200-week moving average. However, geopolitical tensions between Iran and Israel have driven a recent rally, with oil now testing the 50-week moving average around $77. I’m remaining cautious, as these resistance levels could bring in sellers, and until oil breaks above $80, my outlook remains neutral. The oil market is difficult to trade, so I’m keeping a close eye on these key price points before making any further calls.
