The Joby Aviation stock price nosedived and reached to a low of $11, its lowest level since July last year. It has plunged by nearly 50% from its highest level in 2025, meaning that the market capitalization has dropped from over $17.53 billion to $10 billion today. So, is it a good buy today?

Why the Joby Aviation stock price has crashed 

The Joby Aviation share price crashed by over 16% on Thursday after the company continued its dilution as it moves towards commercialization of its electric vertical take-off and landing (EVTOL) products.

In a statement, the company has announced that it was raising more money by issuing $600 million of convertible senior notes due 2032. Its net proceeds will be $576 million, which it plans to fund the certification and manufacturing efforts and preparation for its commercialization process.

Joby Aviation has been burning cash in the past few years as it worked on its aircraft, which it expects to enter service later this year or early next year.

It recently announced its expansion to Ohio, where it will be manufacturing its aircraft. The 700k square-foot facility will have a capacity of making four aircraft a month, bringing its total production to eight.

Joby Aviation has been a highly dilutive company, a process that will continue in the foreseeable future because it will likely take time to turn a profit. Its outstanding shares rose to 844 million from 604 million in 2021.

The most recent results showed that Joby Aviation continued to burn cash in the third quarter. Its revenue was just $22.5 million, while its operating expenses rose to over $204 million. Its net loss surged to $401 million and $808 million in the first nine months of the year.

Joby ended the quarter with over $978 million in cash and short-term investments and over $2 billion in current assets. Its total liabilities were worth over $469 million.

Wall Street analysts are relatively bearish on Joby Aviation, with Weiss Ratings, Goldman Sachs, and JPMorgan having a sell rating on the company.

The main concern among analysts is that its cash burn will continue and that there is little visibility on the eVTOL business.

Joby Aviation share price technical analysis

JOBY stock chart | Source: TradingView 

The daily timeframe chart shows that the Joby Aviation share price has crashed in the past few months.

It then made a strong bearish breakdown on Thursday, confirming the bearish outlook of the descending triangle pattern. It has now moved below the lower side of the triangle and landed at the 61.8% Fibonacci Retracement level.

The stock has remained below the 50-day and 100-day Exponential Moving Averages (EMA). It also moved to the extreme oversold level of the Murrey Math Lines tool.

Therefore, the most likely scenario is where the stock continues falling, potentially to the psychological level at $10. It may also drop to the 78.6% Fibonacci Retracement level at $8.42.

The alternative scenario is where the stock rebounds to the key resistance level at $12.7 and then resumes the downtrend trend.

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BitMine stock price continued its downtrend as Bitcoin and Ethereum dropped, a trend that may continue on Friday now that the crypto market crash is accelerating. BMNR dropped to $26.70, down by 83% from its highest level in July last year. This article explores why the stock may continue falling in the near term.

BitMine stock at risk as Ethereum price slips

Ethereum price crashed to a low of $2,683 on Friday, down sharply from the all-time high of $4,950. It continued the downtrend after it emerged that Kevin Warsh would become the next Federal Reserve Chair despite his past criticism of the crypto industry.

The daily timeframe chart shows that Ethereum price dropped to a low of $2,683, its lowest level since November 21st last year. It has moved below the 50-day and 100-day Exponential Moving Averages (EMA).

The coin has crashed below the 61.8% Fibonacci Retracement level at $2,743. It also moved below the Weak, Stop & Reverse level of the Murrey Math Lines tool.

Ethereum price has moved below the Supertrend and Ichimoku cloud indicators, a highly bearish sign in technical analysis. The Relative Strength Index (RSI) and the MACD indicators have continued falling in the past few months.

Therefore, the most likely scenario is where Ethereum continues falling, potentially to the next key support level at $2,500. A move below that level will point to more downside, potentially to the 78.6% Fibonacci Retracement level at $2,145.

BitMine stock price technicals points to more downside 

The daily timeframe chart shows that the BMNR stock price has crashed in the past few months, moving from a high of $160 in July last year to a low of $28.70.

The stock has remained below all moving averages and the Supertrend indicator. A closer look shows that the stock has formed a highly bearish descending triangle pattern.

The lower side of this pattern was at $25.50, while the upper side connects the highest swings since October last year. The two sides are nearing their confluence level.

Meanwhile, the stock has moved below the 50-day Exponential Moving Average (EMA) and the Supertrend indicator.

Therefore, the most likely scenario is where the stock makes a strong bearish breakdown, potentially to the key support level at $20.

BitMine’s long-term outlook is bullish 

The ongoing weakness in the BMNR stock price will be brief as the company has several bullish catalysts in the future.

Its main catalyst for the stock is that Ethereum has more upside in the long term. Data shows that Ethereum’s network is thriving, with the number of active addresses and transactions soaring. Its active addresses rose by 54% to over 14.7 million, while transactions rose by 40% to 67 million.

Ethereum is also a major player in the decentralized finance (DeFi) and Real-World Asset (RWA) tokenization industry, with its network being used by popular companies like JPMorgan and Janus Henderson.

BitMine will also become a major cash generator in the long term because of its staking solution. It now holds 4.3 million tokens, and its goal is to get to 6 million.  

Ethereum has a staking reward of 2.85%, meaning that its hoard will make 17,100 ETH tokens a year. At the current price, it means that the company will start making nearly $500 million a year.

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Palantir stock price has crashed into a technical bear market, moving from a high of $208 in November to the current $150. It has also formed a highly bearish chart pattern pointing to more downside in the near term as the company prepares for its earnings.

Palantir stock price technical analysis 

The daily timeframe chart shows that the PLTR stock price has been in a strong downward trend in the past few months. It has moved from a high of $208 in November to the current $150.

The stock has formed the highly bearish head-and-shoulders pattern, which is made up of a head, two shoulders, and shoulders. In this case, it is now hovering near its neckline at $147.

The stock has now moved below the 50-day and 200-day Exponential Moving Averages (EMA), meaning that a death cross pattern could be about to form.

It has moved below the Supertrend indicator and the ultimate support level. Therefore, the most likely scenario is where it drops, potentially to the psychological level at $100 in the near term.

PLTR stock chart | Source: TradingView 

Palantir is facing major headwinds ahead of earnings 

The ongoing Palantir stock price crash is happening as the company faces more headwinds ahead of its earnings. One of the recent headwinds is its relationship with the Department of Homeland Security and ICE. However, chances are that the outrage will not have an impact on its business.

There are concerns about its valuation, which has become overstretched in the past few years. Data shows the company has a forward price-to-earnings ratio of 217, much higher than the sector median of 24. The multiple is also much higher than the five-year average of 135.

A P/E ratio of 217 makes it more expensive than other companies in the United States. A good example of this is NVIDIA, a company that dominates the AI data center industry. 

NVIDIA has a faster growth trajectory and much higher margins than Palantir. Yet, its forward price-to-earnings ratio is 40. 

Another way to look at its valuation is to look at its revenue and profits. Data shows that Palantir’s revenue rose from $1 billion in 2020 to $2.8 billion in 2024. Its profit stood at over $1 billion in the trailing twelve months (TTM). 

Analysts believe that its revenue in 2025 will be $4.4 billion, followed by $6.2 billion this year. As such, its annual revenue will cross the $10 billion mark in 2029.

The company now has a market capitalization of $361 billion, meaning that its forward price to sales multiple is 58, which makes it highly expensive.

Analysts expect the upcoming results to show that its upcoming results will show that its revenue to be $1.34 billion, up by 62% YoY. Its earnings per share are expected to come in at 23 cents, up by 14 cents.

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The ServiceNow stock price continued its strong downward trend after publishing its financial results. NOW dropped by over 5% to $122, its lowest level since November 2023. This article explores whether it is safe to buy the dip.

ServiceNow issued a weak guidance

ServiceNow, a top software company in the workflow industry, reported its fourth quarter and full-year financial results.

These results came at a time when demand for software companies has dived amid fears of disruption by artificial intelligence tools.

The numbers were much better than expected, with the revenue coming in at $3.56 billion, up by 21% from the same period in 2024. This increase brought its annual revenue to $13 billion, up by 20% from what it made in 2024.

ServiceNow announced that its current remaining performance obligations (cRPO) rose to over $12 billion.

The stock declined after earnings because the guidance was lower than expected. The management expects that the first quarter revenue will be between $3.65 billion and $3.655 billion, with its operating margin rising to 31.5%.

For the year, the company expects that its revenue will jump by between 20.5% and 21% to over $15.3 billion and $15.57 billion. Analysts were expecting the annual revenue to come in at $15.7 billion.

On the positive side, ServiceNow’s business has become better valued than in the past few months. For example, data compiled by Seeking Alpha shows that the forward price-to-earnings ratio has dropped to 37.8, much lower than the five-year average of 67.

The GaaP price-to-earnings ratio is 75, also much lower than the five-year average of 252. Additionally, the forward PEG ratio is 1.64, lower than the sector median of 1.65.

There are signs the ongoing fear that the AI industry will disrupt the industry are farfetched as the company promises to continue having double-digit growth metrics in the coming years.

Wall Street analysts are still optimistic about the company, with the consensus estimate being $204, a 57% increase from the current level. For example, Cantor Fitzgerald has a target price of $200, while Jefferies has a target of $175.

Other analysts from companies like Baird, BTIG, and UBS have a bullish outlook on the company. The only analyst with a sell rating is Kash Rangan of Goldman Sachs, who downgraded the stock from buy to sell.

ServiceNow stock price technical analysis

NOW stock price chart |Source: TradingView 

The weekly timeframe chart shows that the NOW stock has been in a strong downward trend in the past few months, moving from a high of $240 in January 2025 to the current $122.

It has crashed below the 61.8% Fibonacci Retracement level at $133.45. The stock has remained below the Supertrend indicator and the 50-week and 200-week Exponential Moving Averages (EMA).

The Relative Strength Index (RSI) and the MACD indicators have continued moving downwards in the past few months.

Therefore, the most likely scenario is where the stock continues falling as sellers target the next key support level at $105, the 78.6% retracement level. On the positive side, a move above the resistance level at $145 will invalidate the bearish outlook.

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Teladoc stock price crashed to a record low as demand for its services waned after the pandemic. It plunged to a low of $5.74, down sharply from the all-time high of $308, with its market capitalization falling from a high of $46 billion to the current $1 billion. This crash may continue as the stock has formed the bearish head-and-shoulders pattern.

The rapid fall of Teladoc, the biggest player in telehealth

Teladoc, the biggest player in the telehealth industry, has moved from being the hottest company into a fallen angel.

This slowdown happened as more patients moved to physical hospitals, leading to a significant slowdown in its business.

The most recent results showed that its revenue dropped by 2% in the third quarter to $862 million. This slowdown happened even as the healthcare industry continued growing.

Its profitability also continued falling, with the adjusted EBITDA moving from $83.3 million in the third quarter of 2024 to $69.9 million.

Teladoc’s Integrated Care Segment revenue rose from $384 million in Q3’24 to $390 million in Q3’25.  However, the BetterHelp segment continued deteriorating, with its sales falling to $237 million from the $257 million in the same period in 2024.

The Integrated Care segment’s EBITDA dropped from $68 million to $66 million, while BetterHelp made just $4 million.

These numbers happened as the number of users of its two segments diverged. Integrated care users rose to 102.5 million, while BetterHelp shed users to 382,000.

Wall Street analysts expect that Teladoc’s business will remain under pressure. The average estimate is that its fourth-quarter revenue will be $635 million, down by 0.81% YoY. If this happens, its annual revenue will be $2.5 billion, down by 1.8% YoY.

Teladoc’s losses are expected to remain, with the annual loss per share moving to 99 cents in 2025 to 86 cents this year. This loss-making will likely lead to more outstanding shares, which have jumped to 173 million from 160 million in 2022.

Wall Street analysts are highly pessimistic about the company, with most of them having a hold rating. Citigroup reduced its target from $10 to $9, while Bank of America slashed it from $9 to $8.

Teladoc stock price technical analysis 

TDOC stock chart | Source: TradingView

The daily timeframe chart shows that the Teladoc share price has crashed in the past few months. It has crashed from a high of $9.75 in October last year to the current $5.74.

A closer look shows that the stock formed a head-and-shoulders pattern whose neckline was at $6.77. The left shoulder was at $9 and the right one was at $8.

Teladoc stock has moved below all moving averages and the Supertrend indicator. Also, the Average Directional Index (ADX) has jumped to 20.5, its highest level since November last year. A surge to this level is a sign that the bullish momentum is continuing.

Therefore, the most likely Teladoc stock price forecast is highly bearish, with the next key support level being at $5. A drop below that price will point to more downside in the coming weeks.

The next main catalyst for the stock will be on February 25 when the company publishes its financial results.

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Bitcoin price and the crypto market sank on Friday morning after Donald Trump announced that he will deliver his Federal Reserve pick later today, with traders on Polymarket betting on Kevin Warsh.

Kevin Warsh odds are soaring

Traders on Polymarket and Kalshi are betting that Donald Trump will nominate Kevin Warsh to be the next Federal Reserve Chair.

Data on Polymarket shows that the odds of Warsh have jumped to 92%, while Rick Rieder’s probability has dropped to 6%.

Similarly, the same is happening on Polymarket, where the odds have jumped to 91%, the highest level on record.

The odds jumped after Reuters reported that Trump had met with Warsh on Thursday and was left impressed with him.

Therefore, the most likely situation is where Trump will appoint Warsh, a former Federal Reserve official, to become the next chair. Warsh has historically voiced his opposition to cryptocurrencies, citing its volatility.

Still, historically, the Federal Reserve has had no major role in the crypto industry. Its impact on the crypto industry has been mostly on monetary policy.

In most cases, Bitcoin and the broader crypto market does well when the Fed is cutting interest rates and embracing other policies like quantitative easing policies, as happened in the pandemic. Any Fed official that Trump will nominate will likely be supportive of interest rate cuts.

The challenge, however, is that the Fed Chair does not make the decision by himself. The Federal Open Market Committee (FOMC) is made up of 12 voting members. Therefore, Governor Warsh will need to convince the other Fed officials to cut rates as Trump has proposed.

Rising geopolitical risks

Bitcoin price is also struggling as geopolitical risks in the Middle East rise. In a statement on Wednesday. Trump threatened that he would attack Iran using the armada he has amassed in the region.

The rising geopolitical risks explain why crude oil prices and gold have jumped in the past few months. Brent has jumped to over $70 a barrel, while gold has been in a strong uptrend.

Iran has threatened to retaliate if attacked. Its options will be to shut the Strait of Hormuz, a move that would lead to higher crude oil prices. It would also attack Israel and US bases in the Middle East.

Meanwhile, data shows that spot Bitcoin ETF outflows have remained this week. These funds shed over $19 million in inflows on Wednesday, bringing the year-to-date outflows to over $278 million. These funds shed over $1.09 billion in December and $3.4 billion in November.

Bitcoin price technical analysis 

The weekly timeframe chart shows that the Bitcoin price has crashed in the past few weeks. It has plunged from the all-time high of $126,200 to the current $82,000.

Bitcoin has moved below the 38.2% Fibonacci Retracement level at $83,150. Additionally,  the coin has moved below the 50-week Exponential Moving Average (EMA). It has moved below the Ichimoku cloud and the Supertrend indicator.

The coin has also formed a bearish flag pattern and has moved below the lower side. This flag pattern formed after the coin formed a bearish flag pattern, a common risky pattern.

Therefore, the coin will likely continue falling as sellers target the key support level at $74,000. This target is along the 50% Fibonacci Retracement level.

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The FTSE 100 Index continued its rally this week and was hovering near its all-time high as market participants reacted to the key earnings by some American companies and Lloyds Bank. 

It was trading at £10,170, a few points below the all-time high of £10,240. This article explores some of the top Footsie companies to watch next week.

BT Group (BT.A) and Vodafone (VOD) to release earnings 

British telecom stocks like BT Group and Vodafone will be in the spotlight as they publish their trading statements on Thursday next week. 

These earnings come as the two giants continued to diverge. BT Group stock has retreated by over 12% from its highest level in 2025, while Vodafone has jumped by over 60% in the last 12 months. Vodafone is trading at its highest level since 2018.

BT Group stock has underperformed the market because of its struggling business-focused segment, whose revenue has continued falling. Also, the company’s broadband business continues to lose thousands of customers a month.

Vodafone, on the other hand, is doing relatively well now that its German business has returned to growth and its UK business is improving following the Three acquisition.

Shell (SHEL)

Shell is another top FTSE 100 company to watch next week as it released its financial results. These results come as the stock is hovering near its all-time high. It has jumped by nearly 10% from its lowest level this month.

Shell and other energy companies are benefiting from the ongoing crude oil price rally because of rising tensions in the Middle East now that Trump has sent a large armada to the region and Iran has warned of a prolonged fight.

The most recent results showed that Shell announced a new $3.5 billion share buyback program as its adjusted earnings rose to $5.4 billion and its capital expenditure dropped to $4.9 billion. Its net debt dropped to $41.2 billion during the quarter.

Entain (ENT)

Entain, the parent company of Ladbrokes, Coral, BetMGM, Bwin, and Eurobet will be another top FTSE 100 Index company to watch next week as it releases its results.

These numbers come at a time when the stock has crashed to 620p, its lowest level since May 1 last year and 40% below its all-time high. Other similar stocks have also plunged, with Flutter Entertainment moving to $168 in New York, down from $313 in August last year.

DraftKings stock price has crashed to $29 from last year’s high of $53.47, while Sportradar has slipped to $18.48 from a high of $32.2 in August. 

The most recent results showed that Entain’s Net Gaming Revenue (NGR) rose by 6% in the third quarter, with the full year revenue expected to grow by 7%.

GlaxoSmithKline (GSK)

GSK is another top FTSE 100 stock to watch next week. It has jumped by 53% from its lowest level in 2024 and its business continues to do well.

The company recently issued its pre-announcement earlier this year, meaning that the final numbers will not have a major impact on the stock.

Its results showed that its turnover will be an increase of between 6% and 7%, while its core operating profit will be between 9% and 11%.

The announcement came after the company reached a deal with the Trump administration to lower drug prices and plans to invest $30 billion in R&D in the US.

Some of the other top FTSE 100 shares to watch next week will be Unilever, Beazley, DCC, and Compass Group.

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The CAC 40 Index retreated this week after LVMH, its biggest constituent company, published weak results that cast doubt on the luxury sector recovery. It retreated to a low of €8,070, down sharply from the year-to-date high of €8,396. This article explores some of the top French stocks to watch next week.

In a statement this week, LVMH said that its revenue rose by 1% in the final quarter of the year, higher than what analysts were expecting. However, sales at the closely watched fashion and leather goods division fell by 3%, a sign that the recovery was still not there yet. Historically, LVMH’s performance hits the CAC 40 Index because it is the biggest constituent company.

BNP Paribas (BNP)

BNP Paribas, the biggest bank in France, will be the top CAC 40 Index stock to watch as it publishes its financial results on Thursday.

These numbers will come as the blue-chip company was trading near its all-time high. It has jumped by over 220% in the last five years and by 56% in the last 12 months.

BNP Paribas’ performance has mirrored that of other European banks, including Lloyds, Commerzbank, and Deutsche Bank.

Its most recent results showed that its revenue rose by 2.5% to €12.51 billion in the third quarter, while the operating income rose by 5% to €5.7 billion.

The upcoming results are expected to show that it business continued doing well in the fourth quarter as key parts of its business thrived. Additionally, the company will benefit from the ongoing recovery in the investment banking business.

Crédit Agricole and Société Générale

The other top CAC 40 Index companies to watch next week will be Credit Agricole and Société Générale, two of the top banks in the country. Like BNB Paribas, these banks have done well, with their shares soaring by 35% and 140% respectively in the last 12 months. 

The two companies are expected to publish strong financial results and boost their guidance as Lloyds Bank and Deutsche Bank did this week. They are all benefiting from the relatively resilient economy and the strong net interest income. 

Publicis Groupe (PUB)

Publicis Groupe is another CAC 40 Index company to watch next week as it releases its financial results on Monday. These numbers come as its business continues to face substantial challenges. Its stock has dropped to 83 euros, down by over 9% from its highest point in December.

Publicis performance has been relatively better than that of other advertising agencies. For example, the WPP share price has crashed by over 60% from its highest point in 2025.

Publicis Groupe’s financial results were better than expected, with the CEO noting that it experienced no slowdown in client demand. Its organic revenue growth was 5.7%, and its guidance for the full-year being 5.5%.

More CAC 40 Index companies like Kering, TotalEnergies, Dassault Systèmes, Hermes, L’Oreal, and Schneider Electric will publish their numbers a week later.

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The EUR/USD exchange rate retreated sharply as market participants reacted to the rising odds that Kevin Warsh will become the next Federal Reserve Chair. It retreated to a low of 1.1925, down from the year-to-date high of 1.2077 ahead of the upcoming European Central Bank (ECB) decision.

Kevin Warsh to become next Fed Chair 

The EUR/USD pair retreated as the US Dollar Index (DXY) rebounded after the media confirmed that Donald Trump would nominate Kevin Warsh, an economist at the Hoover Institution, to become the next Federal Reserve Chair.

Trump and his officials met with Warsh on Thursday. He also confirmed that he will make his Fed Chair on Friday morning, with odds on Polymarket rising to 95%.

The dollar rose, and American equities surged because of the view that Warsh will be less enthusiastic to cut rates than the other contenders, like Kevin Hassett, Christopher Waller, and Rick Rieder.

The announcement comes a day after Trump called Jerome Powell a moron for not cutting interest rates in the last meeting. Trump advocated for cutting rates to as low as 1% despite his constant talk of the economy firing on all cylinders.

Recent data showed that the economy was doing well, with inflation being contained below 3% and the economy expanding by 4.4% in the third quarter of last year.

Still, there is a likelihood that Trump will get frustrated by his Fed nominee because he will be a member of the FOMC committee that is made up of 12 voting members. To cut rates, Warsh will need to convince the other committee members to do that.

ECB interest rate decision ahead 

The next major catalyst for the EUR/USD pair will be the upcoming interest rates decision, which will happen on Thursday next week.

In theory, such a decision should be a big deal for the pair as the ECB is one of the most important central banks globally.

However, the pair will likely react mildly to this decision as officials will likely leave interest rates unchanged. 

A Bloomberg poll published today shows that most economists expect the bank to leave interest rates unchanged for the remainder of the year and then start hiking next week.

The European economy is doing well, with most countries experiencing some growth. At the same time, inflation has moved to the target of 2.0%, meaning that the bank has no urgency to cut rates. A top analyst told Bloomberg:

“While a rapid US dollar depreciation remains a fat-tail event, the ECB would need to reconsider the balance of risks regarding euro-area inflation assuming further increases in the value of the euro.”

EUR/USD technical analysis 

The daily timeframe chart shows that the EUR/USD exchange rate has been in a strong uptrend in the past few months. It jumped to a high of 1.2077 this week and then pulled back to 1.1917.

The pair has remained above the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicator.

It has retested the key support level at 1.1917, the upper side of the ascending triangle pattern. 

Therefore, the pair will likely continue rising as bulls target the key resistance level at 1.2100. This view will be confirmed if it moved above the year-to-date high of 1.2077.

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Crude oil price edged higher on Wednesday as weather disruptions and a weaker US dollar bolster the asset. At the time of writing, Brent oil was trading at $66.62 as the bulls gather enough momentum to break the resistance at $66.77. At the same time, the benchmark of US crude oil prices, WTI, rallied to its highest level in four months before easing slightly to $62.64. Nonetheless, once the weather-driven supply worries subside, the selling pressure will likely return. 

Crude oil price pauses at a crucial resistance level

Crude oil price has extended its previous gains as the extreme cold weather in the US disrupts production and heightens supply concerns. The winter storm has impacted oil exports from the country’s Gulf Coast with analysts estimating that about 2 million bpd were halted from the region over the past weekend. 

Subsequently, oil stockpiles in the coming weeks are expected to show significant draws. Signs of tighter supplies in the world’s largest oil consumer are set to continue supporting global prices. Recent data from the American Petroleum Institute (API) indicated that oil inventories dropped by 0.25 million barrels compared to the expected build of 1.45 million barrels. Analysts expect EIA’s official data to show a draw of 0.20 million barrels from the previous week’s increase of 3.60 million barrels. 

Notably, a weaker US dollar is also supporting crude oil prices. Ordinarily, a decline in the value of the greenback makes the commodity less expensive for buyers holding foreign currencies. 

On Tuesday, the dollar index plunged to its lowest level since February 2022 at $95.56. While it has since eased to $96.21, it remains under selling pressure amid the worries over the US policies and politics. Interestingly, when asked about the value of the dollar, President Trump has asserted that it is “doing great”. 

Meanwhile, the amount of Russian oil being pumped into tankers is increasing as buyers pullback. Recent data indicate that Russian oil exports to India were at 1.12 million barrels a day as of 25th January. This follows the slump recorded last month when India’s Russian oil imports plunged to a three-year low at 1.2 million bpd. This drop has caused a surge in oil tankers idling along the coast.  

Brent crude oil price technical analysis

The benchmark for global oil prices, Brent, is on the verge of a breakout after rising past the long-term 200-day EMA as seen on its daily trading chart. It is also finding support in the formation of the bullish golden cross pattern, formed about a week ago when the short-term 25-day EMA crossed the medium-term 50-day MA to the upside. 

Amid the weather disruptions and supply woes, the bulls are keen on breaking the crucial resistance at $66.77. At the time of writing, it was trading at $66.62. If successful, crude oil price may pause at $67.73. Even with a further increase, I expect Brent oil price to face steady resistance at $68.62. On the flip side, a pullback past its current support level of $66 will likely activate the lower level of $64.50.

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