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.
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This article was provided by analysts of ADS Securities.
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