What will be moving crude oil price today? Find out the answer in this 27 February Crude Oil Trading Outlook from ADS Securities’ analysts.
27 February, ADS Securities – The Brent Crude extended its uptrend for the fourth consecutive session yesterday and settled at $67.50, after making a high at $67.90.
27 February Crude Oil Trading Outlook
As of now, the commodity is trading in a sharp downward trending channel on the 1H chart, indicating at a bearish technical picture for the near term. Furthermore, the MACD indicator is directing towards the south, further endorsing the above stance.
Meanwhile, traders would eye API’s weekly US crude oil inventory data, due later today. Crucial support is witnessed at the $66.75 level, followed by the $66.15 and $65.65 levels. A breach below the latter might turn the main trend to bearish. On the other hand, the key technical barrier is placed at the $67.85 level, followed by the $68.30 and $68.95 levels. A sustained break above the latter might trigger a further acceleration to the upside.
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