WTI treads water above $64.00 due to ongoing geopolitical tensions

💡 DMK Insight

WTI Oil’s rise to around $64.20 per barrel signals a potential shift in market sentiment. This upward momentum comes after a series of supply concerns and geopolitical tensions that have kept traders on edge. If WTI can maintain this level, it could attract more bullish positions, especially as we approach the end of the month when traders often adjust their portfolios. Watch for resistance around $65, which could trigger profit-taking or short positions if breached. Conversely, a drop below $63 might indicate a reversal, prompting caution among long holders. It’s also worth noting that this rally could have ripple effects on related markets, particularly energy stocks and the broader commodities sector. If oil prices continue to climb, expect to see increased volatility in these correlated assets, as institutional players may adjust their strategies accordingly. Keep an eye on the weekly chart for any emerging patterns that could signal a longer-term trend.