BRENT OIL
Brent oil price surged above $57.00 barrier on comments from OPEC about further compliance on agreed oil production curb, ending five-day directionless trading. Fresh direction signal comes on today's rally after five consecutive Dojis, shifting focus towards the top of multi-week consolidation. Firm break above $58.36 (03 Jan high) is needed to signal resumption of recovery phase from $27.09 (20 Jan 2016 low) towards psychological $60.00 barrier (also near Fibo 76.4% of $70.31/$27.09, May 2015 / Jan 2016 descend). Daily studies are in full bullish setup and support further advance, however, overbought conditions on lower timeframes would signal hesitation on approach to key short-term barriers. Rising daily Tenkan-sen (currently at $56.19) is expected to contain extended dips and guard key near-term support at $55.55 (top of thick daily Ichimoku cloud).
Res: 57.42; 58.36; 59.00; 60.00
Sup: 56.80; 56.55; 56.19; 55.55
Interested in Oil technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.