Crude Oil analysis – 16 Aug 2019

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By: Ahura Chalki

Trump says China talks ‘productive

“September, the meeting is still on as I understand it, but I think more importantly than September, we’re talking by phone, and we’re having very productive talks,” Trump told reporters in New Jersey. (Reuters). This reaction from President Trump besides positive data from the US brought hopes back to investors that the future is not that dark as they were thinking, Oil prices rose based on those following signs and Recession Fears Ease Amid. Today focuses will be on Housing data from the US as one of the most important factors of economic movement.

From the technical side, price moves above the 38.2% Fibonacci level ($55.10) while Parabolic SAR also confirming the clear bull by forming the dots way under candles from the beginning of today’s trading hours. RSI moves around 60-level by confirming the bullish trend, also. However Stochastic moves at the overbought area with the sign of a correction.

 

Pivot point: 54.54

Resistance levels: 55.37 / 56.09

Support levels: 53.82 / 52.99

The expected trading range for today is between 53.82 support and 56.09 resistance.


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