UAE energy minister Suhail Al Mazrouei on Monday rejected criticism that the organization is trying to inflate oil prices. He said that OPEC is not artificially inflating oil prices but has instead come together with the “noble goal” of rescuing the market. What more does this 23 April Crude Oil Price Technical Outlook disclose?
23 April, ADS Securities – On Friday, the Brent crude started the session on a bearish note, after the US President Donald Trump criticized OPEC for artificially inflating crude oil prices. However, losses were recovered later in the day to end the session at $74.06.
23 April Crude Oil Price Technical Outlook
Currently, the commodity is trading with a strong bias on the 1H chart, reflecting on a bullish technical scenario. Also, the MACD indicator is sharply heading towards the north, further validating the above view.
Key near-term resistance is seen at the $74.80 level, a break and stability above which might lead to further acceleration to the upside, paving way for the $75.25 and $75.75 levels as the next possible resistance. On the other hand, key support resides at the $73.60 level where EMA 55 is trading, followed by the $72.90 and $72.30 where EMA 200 is placed.
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