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By: Ahura Chalki
Bulls have everything to be supported!
The latest news about the trade deal is clearer than before with the latest announced date to sign the Phase-One trade deal by Mr. Trump on January 15. Tensions in Iraq, with US attacks on Iranian-backed forces, have reached a critical level. However, earlier Caixin Manufacturing PMI for December was less than expected and published at 51.50, compared with 51.80 of expectation and last month number, which weighted on WTI price and now the market is waiting for US market to open, while API data, which supposed to be published earlier today, is also waiting for the US working hours to be published. Today’s API data and tomorrow’s EIA report will lead the market. On the other hand, Asian stocks started the New Year trading with Green Candles which can support the positive mood of the market, as well as Oil prices. As the time of writing, Hang Seng gaining by 1.05%, Shanghai also raised by 1.27%, while Sensex and Singapore Stock Exchanges are 0.46% and 0.44% respectively.
WTI Technical Analysis:
$63.15, the September high, still is the key resistance, while $60.21,100 H4-EMA is the immediate support for now. Technical indicators, mostly supporting the bears in the H1 and H4 charts, while in the Daily chart, everything is about positive and more bulls. In the H4 chart, Heiken Ahi candles are red, RSI moves at 45, while candles are forming between middle and lower bands of BB.
Pivot point: 61.21
Resistance levels: 61.95 / 62.34
Support level: 60.73 / 60.00
Today, the expected trading range is between 60.00 support and 62.34 resistance.
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