Oil and Wednesday!
By: Ahura Chalki
SEOUL (Reuters) – Oil prices fell on Wednesday, weighed down by a weaker oil demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts. As I mentioned before, US decision, as the largest economy of the world about controlling the Oil price is more serious than the past, which will help them to have more card to play in their political moves, without letting Russia and Saudi give them an alternative. In fact, the effects of the upcoming meeting of OPEC has been eliminated, unless if they make a much unexpected decision on reducing production, which will destroy their economy as well.
From the technical side, all technical indicators move on the bearish side, Stochastic without the reverse sign moves under 20-Level, RSI under 50-Level and as you see in the provided chart, Ichimoku also confirms that.
Pivot point: 53.42
Resistance levels: 53.75 / 54.48
Support levels: 52.68 / 52.35
The expected trading range for today is between 52.35 support and 53.75 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