CL New York Crude Oil – Middle East Turmoil Causes Continued Price Fluctuations

Technical charts show that oil prices are currently trading near the medium-term moving average, and the bullish trend has not been completely broken. The nearest support level is around $80. Additionally, the price is currently holding above the 25-day moving average, which remains an important short-term reference point, currently at $78.60. The subsequent support levels are estimated at $77 and $75. The 250-day moving average, currently at $73.30, has now become a key support level. Resistance levels are expected at $85 and $85.60, followed by $87.70 and then the 100-day moving average at $89.60. In the short to medium term, the high of $93.50 from July 23rd remains a key level to watch.

Forecast range:
Resistance: 85.00 - 85.60 – 87.70 – 89.60* - 93.50
Support: 80.00* - 78.10 – 77.00 – 75.00 – 73.30

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