What are the 17 July Crude oil price drivers? ADS Securities' market analysis team has an answer for this. the team eyes the consolidation in the near term.
17 July, ADS Securities – The Brent Crude traded higher in Friday’s session, on reports of increased Chinese demand and a fall in the US crude oil inventories in the last week.
17 July Crude oil price drivers
As of now, the commodity is trading in a narrow range of $48.95-$49.15 on the 1H chart, reflecting at the presence of consolidation in the near term. However, the MACD indicator is slightly moving lower, suggesting at a likely downside bias. Key technical support is located at the $48.75 level, followed by the $48.45 where EMA 55 is trading and $47.95 where EMA 200 is located.
A breach below the latter might lead to weakness in the oil prices. On the bright side, key resistance is situated at the $49.40 level, followed by the $49.75 and $50.10 levels. A break above the latter might trigger further bullishness in the commodity.
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