ADS Securities’ market analysts have presented their US oil inventories report crude oil price impact ahead of today’s data release. What is next for oil?
19 July, ADS Securities – The Brent Crude traded higher in the previous session, on the back of reports that Saudi Arabia could deepen its crude oil supply cuts.
US oil inventories report crude oil price impact
As of now, the commodity is trading with a weak bias on the 1H chart, indicating at the bearish momentum in the coming session. Also, a possible centreline crossover by the MACD to trade into the negative region, further validates the above stance.
Key technical support is positioned at the $48.20 level where EMA 200 is placed, a move back below which might lead to weakness in the Brent crude, clearing its way for the $47.85 and $47.30 levels. On the other hand, key short term resistance is aligned at the $49.10 level, followed by the $49.45 and $49.75 levels. A break above the latter might trigger a further acceleration to the upside.
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