Russia revealed today that it will stick to the OPEC deal. How will this impact crude oil’s price action? Gain insights with ADS Securities’ 19 March Crude Oil Price Technical Analysis.
19 March, ADS Securities – The Brent Crude ended in the green in Friday’s session, as optimism over rising global crude demand continued to support demand for the commodity. Meanwhile, Baker Hughes indicated a rise in the number of active US oil rigs last week.
19 March Crude Oil Price Technical Analysis
As of now, the commodity is trading in a sharp downward trending channel on the 1H chart, hinting at a bearish technical picture for the near term. Likewise, the MACD indicator has crossed the signal line from above, further validating the above stance.
Key near-term support is situated at the $63.35 where the EMA 55 is placed, followed by the $62.90 and $62.45 levels. A breach below the latter might trigger negativity in the Brent Crude. On the contrary, key technical barrier is aligned at the $66.25 level, followed by the $66.80 and $67.35 levels.
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