Crude Oil analysis – 10 Dec 2019

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By: Ahura Chalki

Can OPEC send the Oil above $60, ahead of New Year’s eve?

Monday, the first trading day after OPEC+ meeting, WTI was struggling to save the gains and prepare for the next direction after more than $4 weekly gain of the past week. Now the news from trade talks, today’s API and tomorrow’s EIA reports will make the changes. Crude Oil even can test the $70 area, if phase one of trade talks could not be signed by the end of the week, or sharp decline in the EIA reports. For now, the market news is positive for WTI and support the price to hold above $58, at least.

Technical analysis:

Technical indicators in the H4 chart, mostly remain bullish at the moment. In the past 5 trading days, candles are forming between the middle and upper band of Bollinger bands, supporting the bulls, RSI also confirms that at 60, while EMA crossing strategy also still on the positive side. $59.35 (Upper line of BB) and 56.88 (EMA-200) are key resistance and support levels.

Pivot point: 58.70

Resistance levels: 59.28 / 59.70

Support levels: 58.28 / 57.70

Today, the expected trading range is between 57.93 support and 60.94 resistance.


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