US Oil Analysis 02-October-2024

Yesterday, we saw sharp increases in oil prices after Iran launched a missile attack on Israel. Increasing geopolitical risks are reflected in oil prices upwards.

In all our analyses for oil, we had expressed an upward view as long as the 65/64 band remained above. We see these increases coming.

Technically, the 72 resistance will be critical at this stage. If this threshold is passed, we expect the increases to accelerate.

In possible declines, as long as the 67/65 band remains above, buying opportunities can be evaluated during declines.