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Crude Oil analysis – 25 March 2020
By: Ahura Chalki
The American Petroleum Institute published its report for inventory levels of US crude oil, Gasoline and Distillates stocks for a week ending March, 20 and it confirms the decline of 1.250, as it was expecting to be seen. WTI gained almost $2, after the report, however in a bigger picture, both API and later today’s EIA report, are almost ignoring by investors, as Covid-19 headlines, move the market ate the moment.
Today, while we are waiting for the EIA report later, however, still there is not more than a bit hopes from the EU, as infected numbers in Italy started lowering, however, Spain and Portugal now getting worse.
As long as we are in this situation, economic data is the second priority.
WTI technical analysis:
WTI trade at the very volatility level, near key resistance of $26, breathing this level can send the price to $28, while trading stable under this level, can be the alarm for bears, to take the control of the market.
RSI and stochastic, both moving flat, while EMA crossing strategy supports the bulls and Parabolic SAR also forming its dots under the candles, confirming the same signal.
Pivot point: 24.67
Resistance levels: 25.67 / 26.68
Support levels: 23.75 / 22.66
Today, the expected trading range is between 22.66 support and 26.68 resistance.
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