The United States is flooding the European markets with record amounts crude oil making it harder to sell Russian, Nigerian and other oil grades in Europe. What more does this 24 April Crude Oil Price Outlook reveal?
24 April ADS Securities – The Brent crude traded higher for the fifth straight session yesterday to close at $74.71, after touching a high at $75.10.
24 April Crude Oil Price Outlook
At present, the commodity is trading within a short range of $74.70-$75.20 on the 1H chart, hinting at likely consolidation in the coming session. However, a possible signal line crossover from above by the MACD indicator, suggests at potential negativity over intraday basis.
Key short-term support is aligned at the $74.10 level where EMA 55 is placed, a breach below which might turn the main trend to bearish, clearing its way for the $73.40 and $72.75 where EMA 200 is trading. On the bright side, immediate resistance is placed at the $75.20 level, followed by the psychological $76.00 and $76.50 levels. A sustained break above the latter might lead to further positivity in the Brent crude.
ADS Securities Risk Disclaimer
This article was provided by ADS Securities analysts.
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. Hence, it may not be suitable for all investors.
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.