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.
ADS Securities Risk Disclaimer
This article was provided by ADS Securities analysts.
Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.
All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.