ATF: Arab Gulf Jet Fuel Jet Kerosene Fuel Spot, USD/BBL
- Arab Gulf Jet Kerosene Spot prices traded on a positive note during the last trading day at USD 144.21.
- Prices have been consolidating within a broad trading range of USD 125–145 over the past few weeks, reflecting the absence of a clear directional trend. A decisive breakout below USD 128 would reinforce the prevailing bearish tone, while USD 145 is expected to remain a strong resistance on the upside.
- The Stochastic (21,13,8) is hovering in the upper half of the range and has started to turn higher, indicating some improvement in near-term momentum. However, the indicator remains below the overbought region, suggesting that further upside is possible but likely to remain measured.
- Prices are trading above both the 21-Day EMA and 50-Day EMA, with both moving averages gradually turning higher. This suggests that the short- to medium-term trend has improved, although the broader price action remains range-bound below the key resistance zone.
- Immediate resistance is placed near USD 156/bbl. This level is expected to cap any recovery, and only a sustained move above it would negate the current corrective outlook.
- Concisely, ATF prices are likely to test the resistance USD 156 in the near term and retreat lower towards the support of USD 120 in coming weeks.