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21 August 2024,02:03
Trade Of The Day
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21 August 2024, 02:03
*Crude Calm: Crude oil prices have dropped due to expectations of reduced tensions in the Middle East, driven by ongoing diplomatic efforts and increasing U.S. crude stockpiles. U.S. Secretary of State Antony Blinken wrapped up his Middle East visit, aimed at advancing a ceasefire in Gaza. Blinken, along with mediators from Egypt and Qatar, has sparked optimism for a U.S. “bridging proposal” that could help close the gap in the 10-month conflict. On the data side, U.S. crude inventories reportedly rose by 347,000 barrels last week, according to market sources citing American Petroleum Institute data 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.
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.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, Middle East tension, central bank updates and any shifts in the US Dollar’s strength.
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