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WTI analysis – 4 June 2020
By: Ahura Chalki
Despite the sharp decline in the US inventory levels of crude oil, WTI failed to extend its uptrend rally, as OPEC+ could not agree to hold the meeting on Thursday.
Saudi Arabia and Russian, main Producers of OPEC+ agreed to extend the current 9.7 Mbpd, which supposed to end change to 7.7 supply cut in July, for one more month, however, the doubts on other parties and members to keep the commitment of supply cut plan, raised the disagreements between the members.
For now, the market is waiting for more updates from OPEC+, while today’s economic calendar and ECB monetary policy meeting also will be important for the Oil market.
After yesterday’s positive PMI data, continuing of better than expected data can help the market bulls, while, negative data, will slow down the rally.
Technical overview – H1 chart
RSI moves flat at 51, while candles forming on the Middle line of BB, supporting the side movement, while Parabolic SAR dots under the candles remain of more bullish.
Pivot point: 36.77
Resistance levels: 37.71 / 39.05
Support levels: 35.43 / 34.50
Today, the expected trading range is between 34.50 support and 37.71 resistance.