29 May Crude Oil Trading Outlook: Bullish above $77.50


Oil prices were mixed in Asian trading on Tuesday but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply. But what can traders expect? Take a look at today’s 29 May Crude Oil Trading Outlook.

29 May, ADS Securities – The Brent Crude traded lower for the third straight session yesterday, on the back of news of possible rise in the crude oil supplies by Russia and Saudi Arabia.

29 May Crude Oil Trading Outlook

As of now, the commodity is trading with an upside tone on the 1H chart, reflecting at a bullish technical outlook. Also, the MACD indicator is sharply moving upwards, further affirming the above stance. Key short-term resistance is located at the $76.15 level, followed by the $76.75 and $77.50 levels.

A break and stability above the latter might prompt strength in the Brent Crude. On the other hand, key technical support is aligned at the $75.10 level, followed by the $74.65 and $74.00 levels. If the latter fails to hold, it might lead to increased selling pressure on the commodity.

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This article was provided by analysts of ADS Securities.

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