Since October 15, the range of 70.9~72.3 has consistently served as a significant short-term resistance area. At the end of October, the market attempted to test this range but failed to break through. Yesterday, news of Iran potentially retaliating against Israel led to a possible return of oil prices to this resistance zone. If prices show signs of stalling within this area, there could be a chance for a decline.

Analyzing Short-Term Resistance Levels in Oil Prices Amidst Geopolitical Tensions

Nov 01 2024