Crude Oil analysis – 22 Nov 2019

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By: Ahura Chalki

Late but effective!

President Putting the latest comment about a companion to Saudi Arabia for production reduce plan along with ongoing tensions in Iran effected on the market and helped the oil to test its almost two months high. Top on them, the Reuters reported that “Yemen’s Houthi movement said on Wednesday it intercepted an F-15 warplane of the Saudi-led coalition near the border with Saudi Arabia”, also raised the fears in the market and helped its uptrend. The past two days’ movements, was the biggest two days gain in the row, after leap in September. Chinese invitation from the US officials for face to face negotiations also supports the Oil market. Further, a weekly release of the Baker Hughes US Oil Rig Count also will be in focus, for today.

Technical Analysis:

At the overnight trading hours, WTI could reach 61.8% of its Fibonacci level from its latest free-fall after testing the $63 in September. $58.44, the immediate key resistance at 61.8% will open the doors for more bulls, however in the pull-back, breaching $57, the 50% of Fibo, can change the direction of movement.

Pivot Point: 57.92

Resistance levels: 59.32 / 59.98

Support levels: 57.26 / 55.86

Today the expected trading range is between 55.86 support and 59.32 resistance.


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