Oil Prices Drop Despite Israel-Iran Tensions as Traders Assess Low Impact on Production

Image source: Wikimedia Commons

Oil Prices Drop Despite Israel-Iran Tensions as Traders Assess Low Impact on Production. Despite rising tensions in the Middle East following Israel's recent airstrikes on Iranian military sites, oil markets remained calm, with Brent and WTI crude prices both down over 4% on Monday. Market signals suggest traders don't foresee a disruption to Iran's oil production, although potential escalation risks remain. Barrons reports.

🔋 OhioFab: Intel to invest more than $28 billion to build two chip factories in Ohio. Yahoo Finance reports.

💉 VaxPower: Sanofi profit growth beats market view on early start of vaccine sales. Reuters reports.

🔍 VolksFocus: Volkswagen has still not presented future plan for brand, says works council boss. Yahoo Finance reports.

🚕 WayMove: Alphabet’s self-driving unit Waymo closes $5.6 billion funding round as robotaxi race heats up in the US. CNBC reports.

🛫 WingCrisis: Union's rejection of Boeing offer threatens jobs at aerospace suppliers. Reuters reports.

🪥 PalmBoost: Colgate-Palmolive lifts lower end of 2024 results forecast on steady demand. Reuters reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1. $HCTI: Healthcare Triangle
Total gain: +118.48%

2. $PXDT: Pixie Dust Technologies
Total gain: +91.04%

3. $STAF: Staffing 360 Solutions
Total gain: +31.05%

4. $TWG: Top Wealth Group
Total gain: +26.59%

5. $RVNC: Revance Therapeutics
Total gain: +20.42%

* Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 9 AM ET for "Pre-Market Momentum"

The Role of Double Bottoms and Rotation Zones

Price action isn’t limited to support and resistance; patterns like double bottoms and rotation zones can also indicate potential trade setups. In a double bottom, we’re looking for two low points that occur near each other, typically signaling a potential reversal in price. However, the pattern only becomes valid once we see a close above the peak between the two lows.

Rotation zones, meanwhile, are dynamic support and resistance levels created by moving averages. I personally use them to assess the strength of a trend. For example, if the price pulls back into the rotation zone and holds, that’s a strong signal to go long. It’s crucial to remember that these zones must line up with broader price action trends to be effective.

The closing price of the top three market percent gainers trading near or above $3 on October 25.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1. $UPXI: Upexi
Total gain: +170%
The company announced it is reviewing trading activity for possible stock manipulation. Benzinga reports.

2. $BMTX: BM Technologies
Total gain: +47.83%
The company announced it has entered into a definitive agreement to be acquired by First Carolina Bank pursuant to which First Carolina will purchase all outstanding BMTX shares of common stock for $5.00 per share in an all-cash transaction with an equity value of approximately $67 million. Benzinga reports.

3. $LINK: Interlink Electronics
Total gain: +41.14%
The stock appeared to be moving on no notable news.

Time (ET) / Report / Period

None scheduled

“You have to keep your priorities straight if you plan to do well in stocks.”

― Peter LynchSourced in:
"One Up On Wall Street: How to Use What You Already Know to Make Money in the Market", by Peter Lynch, published in 1989