From TradingView · · 1m 20s
Crude Oil Surges to 52-Week High
Crude oil hits 52-week high as Saudi pipeline disruption fuels rally
In brief
Crude oil hits 52-week high as Saudi pipeline disruption fuels rally Crude oil futures surged to a 52-week high of $106.75 after Saudi pipeline issues and Iran conflict tightened supply. Originally reported by TradingView.
Crude Oil Hits 52-Week High
October crude settled at $106.75, a 52-week high, after trading between $101.21 and $106.75.
“Bias: October crude settled Tuesday at 105.83, up 4.44 dollars or 4.38 percent”
Supply Disruption Drives Rally
A Saudi pipeline disruption and Iran conflict have tightened supply, creating a $40 price gap between crude grades.
Brent Crude Surges
Brent crude rose to $108.75, a 2.9 percent gain, with diesel hitting a record $5.2620 per gallon.
Technical Uptrend Confirmed
Crude oil shows a strong uptrend with prices above all key moving averages and a multi-indicator composite reading at 100 percent buy.
Overbought Signals
The 14-day stochastic percent K sits at 91.80, indicating potential overbought conditions.
Resistance Levels
Key resistance levels include $113.52 (Pivot R3), $110.14 (Pivot R2), and $109.99 (3 Standard Deviation Resistance).
Support Levels
Support levels range from $105.63 (overnight session high) to $101.21 (Tuesday's session low).
Primary Setup
Long position from $103.40 to $104.60 with a stop at $102.30 and targets at $106.75, $107.98, and $110.14.
Government Data Impact
Government crude inventory data at 10:30 AM ET and the Fed rate decision at 2:00 PM ET will influence price action.
In short
Crude oil futures surged to a 52-week high of $106.75 after Saudi pipeline issues and Iran conflict tightened supply.
