Crudeoil Update | MCX | Apr 10th
Today, there were no trades in crude oil. I anticipated an upward movement, but it reversed instead.
According to the chart, if crude remains below 7100, it may be considered bearish.
A bullish signal is only confirmed if it rises above 7150.
According to the chart, if crude remains below 7100, it may be considered bearish.
A bullish signal is only confirmed if it rises above 7150.
🔸Technical Analysis:
Oil prices remained stagnant following two consecutive days of decline.
Bullish confirmation awaited upon breach above 7150.
🔸News Analysis:
Reason for Stall:
Ceasefire talks in Gaza and increased US oil inventories contributed to the stall.
Upward Pressure:
Prolonged conflict duration, potential Iran involvement, and lower US inflation data exert upward pressure.
Forecast:
US oil output forecast rises while Brent price forecast remains elevated.