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The movement without exact direction!
By: Ahura Chalki
WTI market had another unexpected day. Yesterday, despite all fears of the second wave of COVID-19 and while US inventories reports, both for API and EIA, confirmed sharp raising in the levels of inventories, black gold kept its positive movement above $40.
WTI trading in a very light uptrend, mostly between $39-41 in July, waiting for a clearer signal.
Published data in the economic calendar is in the favor of bulls. Chinese CPI, Industrial production, and Stock Markets doing well, signaling of better than expected recovery after COVID-19 hit.
On the other hand, unlike the biggest importer, the biggest Oil producer still fighting with pandemic and reopening’s stopped in some states.
At the moment and in the market, both bulls and bears need better motivation or deeper disappointing news and data to make a decision.
Technical overview – H4
RSI is flat at 57, OBV trend line is flat, too, while CCI at 160 and Price above main EMA’s, supporting the flat movement with positive interest. Bulls need to take above $41, while 50 EMA at 40 is an immediate support level.
Pivot point: 40.70
Resistance levels: 41.15 / 41.45
Support levels: 40.35 / 39.90
Today, the expected trading range is between 39.90 support and 41.45 resistance.
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