Tensions back on the table!
By: Ahura Chalki
Two oil tankers attacked in the Gulf of Oman (The Guardian), Missile attack to Abha airport, Saudi Arabia (Arab news). What else do we need to see oil price to rise? Who was behind those attacks, is a totally different question and not our subject, however, what we can say is who is getting the benefit of that? Saudi Arabia, Iran, and Russia are countries that can take advantage of that and cover their costs. Oil price before OPEC meeting needed a shock to change the direction, which was that and now we have to wait and see if it can break the $53.60 level and moves above that or not, which is key resistance levels. Moving under $53.60 remains of a bearish trend.
From the technical side, while RSI and Stochastic have more bull signs, Ichimoku has mixed signs (Price moves above Kinjun-Sen, but Tenken – Sen, has a bearish sign) and cannot confirm the more bull.
Pivot point: 52.35
Resistance levels: 53.64 / 54.89
Support levels: 51.11 / 49.83
The expected trading range for today is between 51.11 support and 54.89 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