What will be moving oil today? ADS Securities’ team of market analysts knows the answer – they shared their 2 March Crude Oil Price Outlook.
2 March, ADS Securities – The Brent Crude traded lower for the third successive session yesterday and settled at $63.83, after making a low at $63.19. As of now, the commodity is trading below its short-term and long-term EMAs on the 1H chart, hinting the presence of weakness in the coming session.
2 March Crude Oil Price Outlook
Important support is located at the $63.35 level, followed by the $62.85 and $62.30 levels. A move back below the latter might lead to further selling pressure on the Brent Crude. However, the MACD indicator is directing towards the north, indicating that the downside might remain limited.
The key technical obstacle is seen at the $64.50 level, followed by the $64.95 where EMA 55 is placed and $65.55 where EMA 200 is trading. A break and stability above the latter might reverse the main trend to bullish.
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