BRNUSD
Oil futures continue their upward momentum driven by geopolitical tensions in the Middle East. The rising tension between Israel and Lebanon triggers supply concerns in the markets, while the impact of the increase seen in the U.S. Energy Information Administration's stock data remains limited. In addition to the cautious atmosphere in global markets, the performance of U.S. and European stock markets could also be decisive in oil pricing. In the current situation, as long as prices remain above the 74.50 – 75.00 support region, the upward trend may be maintained. However, in the event of potential declines, closings below this support level could trigger downward movements.
Looking at the technical outlook, the BRN/USD pair is monitored on the 4-hour chart. The levels of 75.5 and 76 stand out as resistance, and if prices surpass these levels, there may be potential for movement towards the 76.5 level. In downward movements, the levels of 74.5 and 74 should be followed as important support zones. The RSI indicator presents a neutral appearance at the 50 level, but the fluctuation of prices around the 75 level indicates an indecisive trend in the market. The pair's depreciation by 0.08% compared to the previous day may indicate short-term uncertainties.
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