Iran launches attack on US forces in Bahrain, and in Baghdad.

Reports that Iran is launching attacks on US forces in Bahrain, and also attacking military base housing US diplomatic centered near Baghdad international airport. The price of crude oil is extending above the $92 level. The high price of just reached $92.61. The current price is trading at $92.20. That’s up $11.19 or 13.81% on the day.Earlier today, I highlighted the 5-minute chart and outlined levels that would tilt the bias more toward the downside and give sellers greater control. A key requirement was a move below the 38.2%–50% retracement of the most recent rally. The corrective move off the high dipped into that retracement zone but quickly found willing buyers, keeping the downside momentum in check. Since then, the price has rotated back to the upside and has now broken above the topside channel trendline for the second time today. If the price can remain above that trendline on the 5 minute chart above, it would signal that buyers remain firmly in control and could lead to an acceleration higher.On the downside, the 38.2-50% retracement of the last leg comes in at $90.05 to $90.65. If that can not be broken, the sellers are not winning. The buyers are still in trend control. Looking at the hourly chart below, the price has also reached the 50% midpoint of the longer-term move down from the 2022 high at $92.20. It has taken 54 days for the price to retrace half of that decline—a move that originally took roughly 950 days to unfold from the March 2022 high to the eventual low (54 days ago).The average price of a gallon of gas is up to $3.32 up from $2.90 a month ago. The low average price was $2.79 on January 11. That is a rise of 18.8% from the year low.
This article was written by Greg Michalowski at investinglive.com.

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