top of page

Oil prices rise on weaker dollar, likely drawdown in US stocks

  • Writer: analysiswatch
    analysiswatch
  • Apr 20, 2021
  • 1 min read

Trader reaction to $63.47 is likely to decide the course of June WTI crude oil early Tuesday, based on Monday's trade.

Singapore well known as the world largest oil consumer has been limited because of the high coronavirus cases in Asia.

At 0415 GMT, Brent crude futures for June delivery were up 54%, or 0.8%to 67.59$ /barrel.

WTI crude futures for May delivery, which expire on Tuesday, were up 53 cents, or 0.8 percent, to $63.91 barrel. The more active June contract was up 0.8 percent, or 50 cents, to $63.93.

If the dollar falls in value, buyers who use other currencies pay less for dollar-denominated crude.

Meanwhile due to this news dimmed hopes for a long term global recovery.

Daily swing chart technical analysis:

· On a trade 66.15$ they key trend will shift to the upside (according to daily swing chart)

· The resumption of the downtrend would be signaled by a jump through $57.29. (according to daily swing chart)

· A move through the minor top at $63.94 indicates that the buying is becoming more strong (according to small upward trend)

· 51.04 to $67.29 is the key range

· Support is seen in the retracement range of $59.17 to $57.25. At $57.68 and $57.29, this zone recently stopped selling.

· $67.29 to $57.29 is the short-term range.

· In the last four sessions, the market has been checking its retracement zone at $62.29 to $63.47.

· The short-term direction should be determined by trader reaction to this region.

· Trader reaction to this region should decide the short-term course.


 
 
 

Comentarii


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page