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By: Ahura Chalki
Tankers War Will Repeat?
These months Oil price has one of the most unexpected movement. Banks are trying to have stimulus actions to move the market as global economic growth slowing down, US-China trade talk goes nowhere and recently we have to add South Korea – Japan and US-EU wars also to this club. With all negative news for Oil price tensions in the Middle East, especially in the Persian Gulf, where historical tankers war going to repeat again. Iranian in responding to the seize of their tanker in “Jabaal al Tariq” by British, escheated a British Tanker in “Hurmuz” Strait, while the US trying to manage an International alliance in Persian Gulf to keep the safety of Tankers. These tensions beside of current season as summer always makes Oil price to move higher, against weak economic data, creating a very mixed situation for Oil. In this situation, it makes sense to trade just with daily news and movement and keep the resistance and support levels in mind.
From the technical side, in the H1 chart, all technical indicators remain of more bullish. Candles clearly are above 14-days moving average and Parabolic SAR dots, while RSI also with upwards slope, moves above 50-level to confirm the more bullish coming.
Pivot point: 55.80
Resistance levels: 56.52 / 57.16
Support levels: 55.16 / 54.45
The expected trading range for today is between 55.16 support and 57.16 resistance.
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