Crude Oil analysis – 2 July 2019

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By: Ahura Chalki

OPEC’s decision to extend supply cuts for 9 more months!

 

OPEC meeting despite the disagreement among the members till now had one outgoing news, extend supply cuts. Although members and None- OPEC members agreed on that, however, the tensions between members bring more doubts about the implementation of the agreement. Besides that very negative manufacturing data from biggest economies all around the world, realized by the first day of July remains of weaker economic growth, the main reason which is holding back the oil price of raising more.

From the technical side, on the H4 chart, while price still moving under the MA line, Parabolic SAR remains of more bullish, which RSI at least cannot disconfirm, but it cannot confirm the downtrend as well. Stochastic also starting a new bullish sign.

 

Pivot point: 59.22

Resistance levels: 60.14 / 61.16

Support levels: 58.20 / 57.30

The expected trading range for today is between 57.30 support and 60.14 resistance.


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