Shalvisharma5

Crudeoil Update | MCX | Apr 10th

MCX:CRUDEOIL1!   Crude Oil Futures
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.
Comment:
#CrudeOil Update |Apr 10

πŸ”ΈTechnical Analysis:
Oil prices remained stagnant following two consecutive days of decline.
Bullish confirmation awaited upon breach above 7150.

πŸ”ΈNews 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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.