Crude Oil analysis – 11 July 2019

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By: Ahura Chalki

Mexico Gulf and the Persian Gulf accompanied EIA!

The Energy Information Administration’s (EIA) Crude Oil Inventories measures, released by yesterday, confirmed API weakness, which supported Oil price to move. EIA reported -9.499M barrels against -3.08 Forecast and way less than last week number at -1.085M. Crude Oil currently trading above $60.60. Beside of economic data, Storm in Mexico Gulf and an incident with a British tanker in the Persian Gulf also helped the Oil price to keep raising. For now economic data and geopolitical situation remain of more bullish for Oil.

From the technical side, Indicators remain of bearish or at least correction. While Parabolic SAR just started its dots above candles, RSI also moves on the overbought area with a slope down and Stochastic also confirming with cutting down the signal line with the main line.

 

Pivot point: 59.90

Resistance levels: 61.40 / 62.07

Support levels: 59.23 / 57.73

The expected trading range for today is between 59.23 support and 62.07 resistance.


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