Bank of America says oil’s Bermuda triangle is nearing an end

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Bank of America says oil's Bermuda triangle is nearing an end

Oil surged in the hours following the news yesterday:

• Hamas leader Ismail Haniyeh was killed in Tehran
• Hamas says that the assassination of Ismail Haniyeh is a dangerous escalation

Eyes are on the Middle East in the wake of this news, and oil gained ground.

Separately, a report from Bank of America says:

• "Oil prices have been trading in a narrowing range, or a triangle pattern, for over a year now,"
• "When it becomes too tight and what's holding it lets go, a sharp and sudden breakout trend occurs,"
• "This becomes increasingly likely after five or more swings within the triangle occur. Our weekly chart of Brent oil prices labels five swings ... Another tendency is for price to break out from the triangle 61.8-76.4 percent of the way through it, which we estimate to be in August-October of 2024,"
• The report stated that a weekly close in Brent below $78 would look like a bearish triangle breakdown.

RigZone have the piece, link here

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: Bank of America says oil's Bermuda triangle is nearing an end

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