Crude Oil analysis – 13 Dec 2019

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By: Ahura Chalki

WTI getting the advantage of hopes!

“A source briefed on the status of bilateral negotiations said the United States would suspend tariffs on $160 billion in Chinese goods expected to go into effect on Dec. 15 and roll back existing tariffs. In return, Beijing would agree to buy $50 billion in U.S. agricultural goods in 2020, double what it bought in 2017 before the trade conflict started, two U.S.-based sources briefed on the talks said.” (Reuters) As the fears go away before 2020, stocks backed into green areas printed new record highs in the Asian Stocks Markets. By writing this article, Nikkei 225 is +2.45%, Hang Seng is +1.98% and Shanghai is 1.25% and still rising. On the other hand, Brexit’s long story also now is clearer than before, as Johansson can pass his existing agreement with the EU, after Tory’s big win in the House election. WTI market is getting the advantage of these changes to touch the three months high and stay positive.

Technical analysis:

Technical indicators mostly remain more bullish. Candles are forming between the middle and upper line of BB in the H4 chart, while RSI moves at 60 and Stochastic also is in positive area, supporting the bulls. Heiken Ashi Candles also are totally Green in the H4 chart.

Pivot point: 59.07

Resistance levels: 59.53 / 60.02

Support levels: 58.60 / 58.13

Today, the expected trading range is between 58.13 support and 60.02 resistance.


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