BRNUSD

Oil prices continue to find support amid stimulus news from China and expectations that crude oil inventories in the U.S. will decline for the fifth week. The Chinese government's efforts to stimulate economic activities and the drop in U.S. stocks help maintain prices at high levels. The recovery in Asian markets and the weakening dollar also strengthen the positive sentiment on oil.

Technically, BRNUSD is trading near the 73.00 level. As long as it stays above the 72.75 – 73.00 support zone, the upward movement seems possible. The 73.70 and 74.00 levels can be followed as resistance. The RSI indicator is at the 50 level, showing a neutral outlook. It has been observed that there was a 0.15% increase during the day. In case of possible pullbacks, if the 72.75 support level is breached, the 72.40 and 72.00 levels may come into focus.