BRNUSD

Crude oil futures gained upward momentum throughout the day despite heightened tensions in the Middle East, as the impact of the U.S. Energy Information Administration's inventory increase data remained limited. The tension on the Israel-Lebanon line created a bullish sentiment in the markets, while the performance of U.S. and European stocks is closely watched. Factors such as the earnings reports of technology giants in the U.S. and the upcoming elections could be decisive for market participants. The mixed outlook in Asia supports the fluctuating trend of global markets.

Analyzing the 4-hour timeframe on the chart, BRNUSD is observed to be trading near the 71.5 resistance level. In potential upward movements, the levels of 72 and 72.5 could be targeted. In downward movements, the support levels of 70.5, 70, and 69.5 should be monitored. The RSI indicator is at the 55 level, displaying a positive outlook. Prices, which increased by 0.40% compared to the previous day, indicate that the upward movement might continue. However, a strong support break and sustained closures may be necessary for a long-term uptrend.