CRUDE OIL: WILL 63.60 THRESHOLD BE EXCEEDED?
The downward scenario was triggered slightly, following the increase in the weekly announced stock data of crude oil contrary to the expectation of decrease. While the risk appetite was weak throughout the markets, the indices closed the week with quite sellers. However, on the last trading day of the week, it is seen that the US 10-year bond yields are tested above the 1.60 percent level, painting the optimism in the markets. While vaccination studies throughout the countries are expected to increase the positive complacency in the markets, the increase in the upward expectation of major foreign institutions regarding crude oil prices stands out as another factor that limits the declines in commodities.
The prices remaining above the $ 62.0 level in crude oil returns from 63.60 level are determinant for the upward continuation of the overall scenario. In this context, we are following the resistance levels 65.50 and 67.30 above 63.60 level. However, if we see a closure below 62.0 in a possible resolution, the retractions can be expected to gain momentum with the support of 60.50 and 59.0.