Crude Oil analysis – 10 July 2019

0
HotForex Gold & Silver

By: Ahura Chalki

Will the EIA report can cover API weakness?

The Oil price jumped almost one dollar after yesterday’s late API report. The American Petroleum Institute reported more than a 3M decrease in US crude oil, gasoline and distillates stocks. Today EIA report will be in focus, this data will make it clear where the Oil price goes. If it will be also less than forecast, -3.081M, considering US- Iran tensions on the Persian Gulf, Oil will try to test above $60 level.

From the technical side, with moving above 200 days moving average and Parabolic SAR forming, both indicators clearly remain bullish signal in H1 and H4 charts. This is what exactly RSI also confirming with moving above 65-level. However Stochastic shows a correction signal in this level.

 

Pivot point: 58.20

Resistance levels: 59.05 / 59.58

Support levels: 57.67 / 56.82

The expected trading range for today is between 57.67 support and 59.58 resistance.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice

HotForex Security

LEAVE A REPLY

Please enter your comment!
Please enter your name here