What will be moving oil today? ADS Securities’ team of market analysts knows the answer – they shared their 12 March Crude Oil Price Outlook.
12 March, ADS Securities – The Brent Crude finished in the green in Friday’s session, after Baker Hughes reported the first fall in seven weeks in the number of active US crude oil rigs for the last week.
12 March Crude Oil Price Outlook
As of now, the commodity is trading with a weak bias on the 1H chart, reflecting at a bearish technical picture for the near term. Likewise, a possible signal line crossover from above by the MACD indicator further elaborates the above view.
Crucial support is situated at the $64.90 level where the EMA 200 is placed, followed by the $64.40 and $63.85 levels. A move back below the latter might lead to further downside momentum in the Brent Crude. On the flipside, key resistance is located at the $66.00 level, followed by the $66.45 and $66.85 levels.
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