West Texas Intermediate (WTI) prices surge on reports of explosions in Iran
Having bounced back from the key support level of $81.70-90, West Texas Intermediate (WTI) prices surged on Friday.
Middle East tensions returned to the forefront after reports of an explosion in Iran, prompting traders to swiftly reenter the market and reintroduce a risk premium into oil prices.
Based on technical indicators, the rebound in the RSI 3-day now supports a weak positive signal, while the MACD remains negative, and the ADX indicates a ranging market.
Given the high risk, traders should reconsider their positions.
With the rejection of support at $81.70-90, attention now shifts to $86.40-60.
Reevaluation is recommended at that point.
On the downside, interim support holds at $84.20. Further assessment should be conducted from there.
Daily Chart West Texas Intermediate (WTI)
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