BRNUSD
Oil prices are fluctuating due to geopolitical tensions in the Middle East and the stock data released by the U.S. Energy Information Administration. The conflicts between Israel and Lebanon are increasing uncertainty in the oil market, while the high stock data announced in the U.S. negatively impact demand expectations. In light of these developments, investors are closely monitoring the trajectory of the European and U.S. stock markets. Additionally, the upcoming Fed meeting and the elections could have significant impacts on the markets, alongside data on U.S. consumer confidence and job vacancies.
From a technical standpoint, the BRNUSD pair is currently trading at the 70.872 level. In the 4-hour chart, the 70.5 support level plays an important role, and if this level is breached, the 70 and 69.5 support levels may come into focus. In upward movements, the 71.5, 72, and 72.5 levels can be monitored as resistance. The RSI indicator is showing a negative trend at the 40 level, indicating that the selling pressure might continue. Compared to the previous day, there is a 0.84% decrease. In this context, it can be said that ongoing uncertainties are affecting oil prices in their search for direction.
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