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Crude Oil Trades Into Resistance as Iran Warns War Could Expand

Published 10/16/2023, 03:52 AM
CL
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Geopolitical tensions are still the main drivers of this market, with energies and metals being powerful for the last few days while the USD is trading higher. So investors are looking for safe havens, while surprisingly US stocks hold the support, but not that much in Europe where we see German dax coming down. 

I think that for the start of this week, the Dollar can stay strong as speculators will stick to safe havens after Iran wants the war to expand, and China notes that the Gaza offensive is beyond self-defense. Crude oil is up almost 10% since tensions start a week back to so, but again from an Elliott wave perspective I see energy in a potential resistance at 87-88 area, where a-b-c rally can cause an "unexpected" opposite reaction; a bearish resumption is expected while price is trading below 92.44.

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