Sideway for how long?
By: Ahura Chalki
US Oil back at the same price as of Jun 03, almost. As Stock markets had a positive reaction to news and chines trade balance got back to the positive side after yesterday’s data realized, Oil price kept its positive position to go ahead, even if it is so slower than the way in which it came down. OPEC coming meeting was effective also for sure in the trend. Today we do not have any specific news in the calendar for Oil.
From the technical side and in the H4 chart, still, indicators remain of bullish, where RSI moves above and tangent with 50 – level and Stochastic main line cut the signal line above from down and it can be confirmed with Ichimoku as well.
Pivot point: 53.75
Resistance levels: 54.37 / 55.52
Support levels: 52.60 / 51.98
The expected trading range for today is between 52.60 support and 54.37 resistance.
The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment read this PAGE