The banks week and Oil!
By: Ahura Chalki
Crude Oil started the trading week with side movement and now trading around $52.84. After disappointing reports about global economic growth and much more negative data from the world’s largest economies as the US, China and EU zone, this week’s banks policy-making meetings and the rate cut decisions, will be in focus as one of the fastest alternative to give a shock to the market and helps economies to recover themselves. Till now nothing special in the market and we can check the technical side and wait till tomorrow to see what new economic data have to tell us.
From the technical side and in the H1 chart, Candles started to form under MA, while stochastic also can confirm starting a reversal with cutting down the signal line by mainline, however, RSI still does not have a clear sign for that, while it is still moving above 50-level, even if the movement is with slope down. $51.70 and $53.80 are key levels as confirmation of more bearish or bullish for now.
Pivot point: 52.66
Resistance levels: 53.43 / 53.98
Support levels: 52.11 / 51.34
The expectation trading range for today is between 51.34 support and 53.98 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