The Market is turning bleak in this morning’s action as Oil rallies to fresh highs yet again.
Our past-day Oil analysis saw rangebound action to potentially turn into a grind higher, which realized quicker than most expected!
The commodity is up close to 10% on the day, slowly but surely extending to the $98-$100 Resistance.
This occurs as attacks on tankers around the Arabian Sea and the Strait of Hormuz are now multiplying.
Oil is forming a bull-channel in the immediate action – Its top is located around $101.30 so that could be a target to the upside.
Buyers are attempting a break of the channel’s mid-line ($96.55) – A key area for momentum.
Momentum buyers will want to see if the 20-Hour MA ($92.68) holds.
The recent rise in Oil has gradually priced out Fed Cuts for 2026 due to inflationary fears. There is now less than one full cut priced in for the year!
The FOMC meeting is approaching fast (next Wednesday, March 18).
This is hurting Stock Markets extensively on the session, Nasdaq is leading to the Downside down -1.50% – update coming up soon!
Safe Trades, keep track of the advancement of the conflict!
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