April Crude Oil futures trading News and research – BrokersEDGE – 3-12-19

April Crude Oil futures trading today’s news and research
Yesterday’s close: Settled at 56.79, up 0.72
Fundamentals: Yesterday’s reports that Saudi Arabia will cut exports and keep production “well below” 10 mbpd added fuel to a sharp reversal from Friday. Baker Hughes data on Friday showed U.S Oil rigs are slipping, and this helped turn sentiment against a strong area of support. However, yesterday was more than just Oil as the risk-environment was broadly favorable with the S&P gaining 2.7% into last night from Friday’s low and markets across the globe snapping back from a healthy pullback last week. This morning’s CPI data came in soft which has weakened the Dollar, bringing another component of support to commodities. As this week develops, traders want to keep an ear to the ground on headlines coming from CERAWeek, the energy conference in Houston. The private API survey is due after the bell today at 3:30 pm CT. Analyst expectations will trickle out as the day unfolds.
Technicals: Crude Oil has ultimately been contained within our major three-star resistance and support, failing to close outside of this range since the middle of February. We imagine that this range will be broken and right now the bulls have an edge with price action handedly above the 56.43-56.60 level. Still, we must see a clear and concise close above 57.05-57.35 in order to confirm an upside breakout that has the ability to extend to 59.63. A failure to hold 56.43-56.60 through today’s session will quickly neutralize our Bullish Bias.
Bias: Bullish/Neutral
Resistance: 56.43-56.60**, 57.05-57.35***, 57.69-57.88*, 58.16-58.35**, 59.63***
Support: 55.44-55.75***, 54.71-54.76***, 53.51-53.98***

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