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Geopolitical headlines from Israel:

  • Israeli PM Netanyahu told Pres. Biden that Israel has no choice but to launch a ground operation in Gaza
  • Israeli defense forces announced combat helicopters are currently striking targets in Lebanon
  • Israeli says no negotiations are underway after Reuters reported that possible Gaza prisoner swap deal talks
  • Hamas armed wing says fired rockets toward Jerusalem in response to bombings of civilian houses

Needless to say the battle is going to continue for some time.

Meanwhile,

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  • Crude oil prices are trading around $86.38 set up $3.68 on the day.

Looking at the daily chart below, the price of crude oil has moved back above the swing high from August 10 at $84.85. Last week, the price fell back below that level and also a swing area between $82.35 and $83.32 (see red number circles in the yellow area on the chart below). The news over the weekend gapped the price higher and above the aforementioned August high turning the bias back to the upside in the process. It would take a move back below $84.85 to take some of the bullishness back out of the technicals.

Crude oil is back above the August high at $84.85

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