ADS Securities: Oil prices eye EIA crude inventories

After trading lower for six successive sessions, the Brent crude oil edged higher in the last session despite a rise in the API US crude oil inventories. Next, the oil prices eye EIA crude inventories which is released later today.

26 April, ADS Securities – On the 1H chart, the commodity is trading with slight bullish bias, suggesting at a positive technical picture. Furthermore, the MACD indicator is trading in the positive territory, further validating the above stance. Traders would watch out for Energy Information Administration’s (EIA) crude output forecast to be released today.

Oil prices eye EIA crude inventories

The key technical obstacle is positioned at the $52.50 level, followed by the crucial $53.00 and $53.25 levels where EMA 200 is trading. A move back above the latter might lead to further acceleration to the upside.

Oil Prices resistance level

On the downside, key short-term support is situated at the $51.70 level, followed by the $51.35 and crucial $51.00 levels. A breach below the latter might lead to weakness in Crude oil.

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