16 March Crude Oil Price Outlook

How is Oil trading today? ADS Securities’ team of market analysts knows the answer – they shared their 16 March Crude Oil Price Outlook.

16 March, ADS Securities – The Brent Crude ended with a positive bias in the last session and settled at $65.12, after making a high at $65.38, amid signs of rising global crude oil demand.

16 March Crude Oil Price Outlook

As of now, the commodity is trading with a weak tone on the 1H chart, indicating at a bearish technical picture for the coming session. Moreover, the MACD indicator is directing towards the south, further confirming the above view. Immediate support is aligned at the $64.65 level, followed by the $64.00 and $63.55 levels.

A breach below the latter might prompt negativity in the Brent Crude. On the flipside, key technical barrier is seen at the $65.50 level, followed by the $65.95 and $66.40 levels. A clear break and stability above the latter might lead to further acceleration to the upside.

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This article was provided by ADS Securities analysts.

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