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21 August 2024,01:58
Trade Of The Day
21 August 2024, 01:58
* Crude Calm: Crude oil prices have declined amid expectations of easing tensions in the Middle East, following diplomatic efforts in the region and rising U.S. crude inventories. U.S. Secretary of State Antony Blinken concluded a Middle East visit aimed at facilitating a ceasefire in Gaza. Blinken, along with mediators from Egypt and Qatar, has raised hopes for a U.S. “bridging proposal” that could help narrow the divide in the 10-month conflict. On the data front, U.S. crude oil inventories reportedly increased by 347,000 barrels last week, according to sources citing American Petroleum Institute figures on Tuesday.
* Technical Breakout: Crude oil price was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the commodity to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 71.45. Conversely, a potential reversal is also to be expected and the price could head back towards 75.80.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors will seek further insights from the official U.S. government inventory data, expected to be released on Wednesday. Additionally, the market will closely watch developments in the Middle East.
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Stay updated on US data, Middle East tension, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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