Crude Oil analysis – 19 July 2019

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By: Ahura Chalki

Stuck gains as John Williams said that the central bank will “act quickly”

“Central bankers need to act quickly and forcefully when rates are low and economic growth is slowing, New York Federal Reserve President John Williams said Thursday. (CNBC)”. Stock gaining will help industries which is positive news for Oil to help it gain its loss of last days. On the other hand, “BBC” reposted “The US destroyed Iranian drone in Strait of Hormuz, says Trump”, earlier today. Tensions in Strait of Hormuz as one of the most important passages for Oil will push the price, higher!

From the technical side, RSI reaches 50-level with a slope up and trying to stay on the positive side, while in the H1 chart, Candles are forming now above 14-days moving average and Parabolic SAR dots. However Stochastic has a totally different sign as its mainline cutting signal line above 80-level and since we are in a total downtrend, it can remain of more bearish.

 

Pivot point: 55.91

Resistance levels: 57.03 / 58.53

Support levels: 54.41 / 53.29

The expected trading range for today is between 54.41 support and 58.83 resistance.


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