Crude Oil accelerating strongly on the upside after the breakout. Some consolidation can happen at the 200 EMA.
Brent Crude broke out above the $62-64 resistance zone. The breakout was a result of OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week. On top of this, if the US-China negotiations result in
Crude oil ended positively for the week with a 3% plus gain on Friday aided by the following factors – U.S. sanctions on Venezuela’s state-owned oil firm raised the risk of tighter crude supplies A considerable monthly decline in OPEC production
TNX – Consolidating below 28 BRENT – Will it breakout above $ 62 NIFTY – Sideways RUPEE – Will the breakout sustain? USD – Bearish bias
Market optimism about a US-China trade deal is keeping the USD and Crude on a bullish trajectory. As per the latest report “China would increase purchases of U.S. imports over six years to reach more than $1 trillion per year”.