EIA rule the game!
By: Ahura Chalki
For five consecutive weeks, the weekly change in the number of barrels of commercial crude oil held by US firms is way more than the expected number, the best solution for the US government to control the Oil price in the market. 2.206M barrels against of -0.481M barrels of the forecast, made Oil price to fall down to $50.88 per barrel overnight. Since there is no specific news in the calendar for Oil, technical indicators with the help of support and resistance levels will be more helpful to trade and keep in the mind the data, which updated by yesterday.
From the technical side, and the H1 chart Ichimoku has a bearish sign, price moves under Kijun-Sen (Blue) line and Tenken-Sen (Red) also moves in downside direction. RSI also moves still a downside, under 50-level, but stochastic shows some correction coming to the upside. However, in the H4 chart, all mentioned indicators remain of bearish movement.
Pivot point: 51.65
Resistance levels: 52.40 / 53.96
Support levels: 50.10 / 49.34
The expected trading range for today is between 49.34 support and 52.40 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