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.
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.
ADS Securities Risk Disclaimer
This technical analysis about Crude Oil is intended solely for the person or entity to whom it is addressed. Such person or entity is prohibited from disseminating, distributing, transmitting or forwarding this communication to any other person or entity. Also, this communication may not be used in whole or in part by any person or entity. Which it was not originally directed to by ADS Securities LLC (“ADSS”, “us” or “we”). 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.