Crude Oil analysis – 12 July 2019

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By: Ahura Chalki

Side movement after the rally!

Yesterday Oil was trading around $60.50, few cents up and then down again, or vice-versa. News in the market also had an effect on this movement as well,  since Storm in the Gulf of Mexico affected the market, increasing tensions in the Persian Gulf, following news about the new military alliance which the US seeking to create to support the Tankers. However, since it was raising none stop in past 3 trading days, up to $61 from $57.30, seems it needs some small correction or side movement. This uptrend has $64 as the main resistance level, which is more bullish key level as well.

From the technical side, all technical indicators remain of bullish. Candles forming clearly above the 50-day moving average, while RSI still moves above 50-level as well as bullish continuing. Parabolic SAR dots also forming under candles. However Stochastic has a sign of correction in this level.

 

Pivot point: 60.50

Resistance levels: 60.86 / 61.30

Support levels: 60.06 / 59.70

The expected trading range for today is between 59.70 support and 61.30 resistance.


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