Crude OIL (week of 26-30/04)

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Weekly Summary

With no major movement Crude oil is trading around $63.43 .

A good end to the trading week, Crude oil is up to $63.43 having started the day at $64.83, overall a 0% move to $63.43 today.

The Oil green move takes place amid mixed market indicators - United States Crude Oil Inventories published on Wednesday came out at 90,000, falling short of the 659,000 projections and continuing its decline from the previous 594,000 figure. United States Pending Home Sales released earlier shows an improvement to 1.9 from the preceding data of -11.5, but falls short of the projected five.

A look at other markets also shows green moves, as after 2 months, Euro hits a fresh high at 1.215.

At the same time, at 1.7, GBP/CAD is down to its lowest value in 4 months. At 1.3228, USD/SGD is down to its lowest value in 2 months.

In the meantime,

Apr. 30, 2021

Crude oil slides down to $63.43 (down $1.39) after starting the day at $64.83

(23:27) GMT

Crude oil today at a glance – Crude oil went dark red after losing $1.39, tumbling down to $63.43.

This downslide might be related to financial indicators data published earlier, as United States Pending Home Sales released earlier shows an improvement to 1.9 from the preceding data of -11.5, but falls short of the projected five. United States Initial Jobless Claims released earlier showed an improvement to 553,000 from the preceding data of 566,000, but fell short of the projected 549,000.

On the flip side, data for United States GDP released yesterday at 12:30 PM came out at 6.4, beating projections of 6.1 and showing improvement over the preceding figure of 4.3.

A study of crude oil's graph shows key levels to watch: Oil's nearest support level is at $57.76. In terms of trend indicators, we can see that at $63.5, crude oil made an initial breakout below the 3 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that the upper Bollinger band is at $65.22, indicating a further downward move might be next.

Overall, looking at the technical analysis landscape, it seems oil is likely to continue pointing down in the short term.

In the meantime, negative performances are also seen in other symbols, The British Pound lost 138 pips (0.9%), making its largest single-day drop since September 2020.

However, positive performance can be seen looking at other symbols, as for the first time in 4 months, GBP/CAD fell below the 1.71 level.

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