#Brent In my analysis on the night of September 22, I highlighted the significance of the 97.905 level, noting that if it managed to push above 99.403, it would likely head straight toward the 104.632 zone—as indicated at the marked point.
After establishing 104.632 as a support level, the price surged from 107.537 on Friday, testing the upper resistance area around 112.37.
A breakout above this zone would open a new channel for oil, bringing the 114.254, 117.861, and 119.988 levels into play.
Conversely, should it face rejection at 112.37, the levels at 109.044, 107.637, and 104.632 would serve as support.
As it stands, the "heat" in the oil market shows no signs of cooling down. This is bound to have negative repercussions—globally, as well as within our own already fragile market—exacerbating inflation and, most importantly for us, weighing on our stock exchange.
Hoping that things settle down soon and that this "dark beast" (oil) cools off. Not investment advice.
