Oil News: Crude Oil Futures Test 200-Day MA on Iran Supply Production Fears

Core Viewpoint - The market has recently broken through key resistance levels, indicating potential for further upward movement, driven by short-covering and speculative buying [2][5][6] Technical Analysis - The 50-day moving average breakout was anticipated for several weeks, with previous attempts to rally being capped at specific price points [1][2] - The market successfully broke through at $58.25 on January 9, extending its move and currently testing the 200-day moving average at $60.61, which may trigger further acceleration [2] - Key Fibonacci levels suggest a potential rally towards $64.75, with the retracement zone identified between $59.80 and $60.96 [3] Support and Resistance Levels - If the market crosses back below the 200-day moving average, it may indicate selling pressure, leading to a retest of the 50% level at $59.80 [4] - A pullback to the 50-day moving average is expected to attract new buyers, providing insight into long-term market interest [5] Fundamental Factors - The ongoing rally in prices is primarily driven by concerns over potential supply disruptions from Iran, which outweighs the impact of increased production from Venezuela [6]