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Trends & Analysis
News

Broadcom’s stock jumps on profit beat, stock split

News

Crude oil reverses trend on US data

News

Is Apple’s bull run just getting started?

News

Oracle shares spike despite FQ4 earnings miss

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EUR/USD plunges after parliament elections

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Is a big move coming for AMD?

Asset Watch

Where does crude oil go from here?

Thursday May 2, 2024

It was a major miss for U.S. consumer confidence on Apr. 30 when The Conference Board’s metric came in at 97 vs. 104 as expected. Dana M. Peterson, Chief Economist at The Conference Board, said:
“Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labour market situation and more concerned about future business conditions, job availability, and income.”
With Americans showcasing economic trepidation alongside higher interest rates, it’s no surprise crude oil has struggled amid the uncertainty. However, as support and resistance are on pace to collide, a breakout or breakdown could determine if the next $5 move is higher or lower.
Crude confronts solid price support near $81, as the area is near the hourly lows set throughout April. Crude also bounced off this area five times in the last three weeks, and a double bottom was formed on Apr. 22. That said, it’s been a reliable buy zone.

But while crude has made lower highs and lower lows since peaking on Apr. 26, the 20-hour moving average became resistance on Apr. 30. As a result, the contract remains stuck between roughly $81 and $82 as it struggles to identify the next catalyst.
You should monitor the $81 area and the 20-hour MA to determine the likelihood of a rally or a pullback. Supporting the bull case, crude’s hourly RSI (the blue line at the bottom) dipped below 30 on Apr. 30, which aligns with the lows set over the last several days. As such, if it can recoup the 20-hour MA, more upside should follow.
So, can crude keep climbing, or have we already seen the 2024 highs?


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