Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.84% against the USD and closed at USD50.75 per barrel, as disappointing economic data from China raised concerns over global growth.
In the Asian session, at GMT0400, the pair is trading at 51.12, with oil trading 0.73% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.40, and a fall through could take it to the next support level of 49.67. The pair is expected to find its first resistance at 51.83, and a rise through could take it to the next resistance level of 52.53.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
