21 May Crude Oil Trading Forecast: Strong above $80.50

Over the last few months, crude oil prices have witnessed an unprecedented increase. What has contributed to the recent rally? Gain more insights with 21 May Crude Oil Trading Forecast.

21 May, ADS Securities – Following four straight bullish sessions, the Brent Crude retreated in Friday’s session and settled at $78.51, on the back of ongoing concerns over growth in the US crude oil output.

21 May Crude Oil Trading Forecast

Currently, the commodity is trading with a positive tone on the 1H chart, hinting at a bullish technical scenario for the near term. Moreover, the MACD indicator has crossed the signal line from below, further validating the above stance. Immediate technical resistance is located at the $79.65 level, followed by the psychological $80.00 level, followed by the $80.50 and $81.00 levels.

A clear break and stability above the latter might prompt positivity in the Brent Crude. On the contrary, key support is aligned at the $78.55 level, followed by the $78.00 and $77.65 levels. If the latter fails to hold, it might trigger further acceleration to the downside.

ADS Securities Risk Disclaimer

This article was provided by analysts of ADS Securities.

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. 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.

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