This post is also available in: فارسی (Persian)
By: Ahura Chalki
WTI getting mixed signals!
Chinese more effective stimulus with more restrictions was tightened further in Hubei, giving the mixed signals to the investors and traders, and the reaction is clearly can be seen on the Asian markets, where Stock Exchanges in the Shanghai and Hong Kong are raising, while Japanese markets had totally negative reaction, so far.
For the week ahead, still, COVID-19 headlines will move the markets, as well as any updates from OPEC + upcoming meeting. And for today, since the US and Canadian markets are closed, we do expect more natural movements and waiting for the US market to open and have the reaction to these new changes, as well, during the weekend.
WTI technical analysis:
While in the Daily chart, WTI struggling to cross the key resistance at $52.60, sitting on the upper band of BB, in the H1 and H4 charts, it is in totally positive mode, for the past 5 trading days. As mentioned, $52.60 is the key and immediate resistance level, while $49.40, (February 4 low) is the key support and breaching this level, can send the price much lower, around $42, December 2018 low.
Pivot point: 52.23
Resistance levels: 52.95 / 53.23
Support levels: 51.96 / 51.24
Today, the expected trading range is between 51.24 support and 52.95 resistance.
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