Crude Oil analysis – 19 Nov 2019

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By: Ahura Chalki

Under $57, ahead of API report!

Oil prices also these days moves directly affected by US-China trade talks and almost nothing else. Even last week, after EIA report which confirmed the raising in the US Oil inventories, price despite to the report, raised after optimism on trade talks, for now, doubts were spread after the CNBC quoted Chinese policymakers as being less optimistic about the deal with the United States (US), even though after protest rallies in Iran and US-Iran tensions, also nothing happen in Oil prices and it seems, Black gold, regardless to everything, just waiting for any confirmation of trade deal, as it changes the economic growth of two most larget economies of the world, and global economic growth, as well.

Technical Analysis:

While in larger charts technical indicators mostly remain of side movement, in the H1 chart, RSI moves under 40, supporting the bears, same signal that Parabolic SAR and Stochastic also have. EMA crossing strategy also supports the bears in the H1 chart. Main and key resistance and support levels, still sit at $57.30 and $56.30, respectively.

Pivot point: 57.14

Resistance levels: 57.68 / 58.65

Support levels: 56.17 / 55.63

Today the expected trading range is between 55.63 support and 57.68 resistance.


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