USOIL is ready for the new high to 75.35$ - 79.80$

The WTI oil price has surpassed $73 as investors exercise caution amid escalating tensions in the Middle East. Concerns about potential new attacks by Iran-backed Houthi rebels on commercial shipments in the Red Sea, including U.S. vessels, are contributing to a perception of tightness in the oil supply. However, softer economic data from China in the third quarter may dampen the upward momentum of oil prices. Meanwhile, the U.S. Dollar Index has exceeded 103 due to a reduction in bets favoring a rate cut by the Federal Reserve in March. WTI is forming a symmetrical triangle pattern on a four-hour scale, indicating a contraction in volatility. The key resistance is around $73.60, represented by the 200-period Exponential Moving Average (EMA). The Relative Strength Index (RSI) fluctuates between 40.00 and 60.00, suggesting that investors are awaiting a potential signal. A bullish breakout above $75.28 could trigger a recovery towards December highs, while a decline below $71.00 may lead the price toward psychological support at $70.00 and the December low of $69.00.