Crude oil near at support

11 May 2021

Crude oil has been trading in a medium term uptrend however it experienced some correction and currently stands at the upward slopping trend line suggesting support at lower levels. Positive slope of the 20-day SMA along with the RSI in buy mode supports the above observation and indicates further upside potential. It would be prudent to say that Crude oil could advance towards 65.50 and 66.50 while it sustains above 63.80.

Prepared by
Technical Analysis Team

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