Market Overview - The oil market is expected to experience limited trading on Monday due to the Martin Luther King Jr. holiday in the United States, which may significantly impact market movements [1] - There is uncertainty regarding potential military action over the weekend, which could lead to volatility in oil prices [1] Technical Analysis - The candlestick patterns suggest that market participants may not anticipate military action, but the situation remains uncertain [2] - Brent Crude Oil tested the 50-week EMA at the $67 level but failed to maintain that level, currently trading below $65, indicating a major resistance barrier [3] - A support level is identified at $58.50, suggesting the market is attempting to find a bottom despite supply exceeding demand [4] Price Projections - If the market can break the 50-week EMA, there is potential for prices to rise significantly, targeting levels around $64 or $63.50 [2] - The prevailing market sentiment leans towards selling rallies, with expectations of a $5 consolidation range for oil prices [4]