Crude Oil analysis – 19 Aug 2019

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By: Ahura Chalki

Wandering Oil!

The week closed with almost 0.7% gain for Oil, during the past trading week. Oil price was up and down all days during the week within positive news for Oil and Trade war. This week, as we can call it PMI week, data from different countries, especially from the US, Canada and, China will be in focus. Stocks last week finally closed higher than opening prices after the first days fall. Hopes on upcoming positive results from the Jackson Hole Symposium also can be a positive stimulus for this symbol.

From the technical side, indicators in the H1 chart, remain of bullish for now, with forming the candles way above Parabolic SAR dots and EMA50. While Stochastic around the 80-level has the overbought sign and correction since RSI also confirms the uptrend, it cannot be read as a trend reversal.

 

Pivot point: 54.84

Resistance levels: 55.52 / 56.24

Support levels: 54.12 / 53.44

The expected trading range for today is between 54.12 support and 56.24 resistance.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

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