Oil prices rose in the hours following yesterday’s news:
- Assassination of Hamas leader Ismail Haniyeh in Tehran
- Hamas says assassination of Ismail Haniyeh is dangerous escalation
All eyes are on the Middle East following this news, and oil prices have risen.
In a separate report, Bank of America says:
- “Oil prices have been trading in a narrow range, or triangle pattern, for over a year now.”
- “When the situation gets too tight and what was holding it in comes loose, there is a sudden, sharp trend.”
- “This becomes increasingly likely after five or more swings within the triangle. Our weekly Brent oil price chart indicates five swings… Another trend is for the price to break out of the triangle 61.8-76.4 percent of the way through, which we estimate will happen in August and October 2024.”
- The report stated that a weekly close for Brent below $78 would look like a descending triangle collapse.
Rigzone Get the piece, link here
This article was written by Eamonn Sheridan on www.forexlive.com.