Crude Oil analysis – 24 Dec 2019

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By: Ahura Chalki

Kept the positive mode for Xmas Eve!

Despite all negative news from the trade deal, where these to an economic giant are agreed in nothing but have to find a way, Holiday demand and OPEC+ cuts plan still supporting the WTI’s bulls. Today there is not any specific economic news or data, which can affect the market, therefore side movement around $60 is projected before the Xmas holidays, unless if trade deal, finally get into some exact points.

Technical Analysis:

Technical indicators in the H4 chart have mixed signals, while in the Daily chart, they are still on positive side. %60.60 still is the key resistance, which trading above this level, can confirm above $61 area, while breaching 59.80, can push it deeper to $58.00 and $57.30

Pivot point: 6.44

Resistance levels: 60.87 / 61.10

Support levels: 60.22 / 59.80

Today, the expected trading range is between 59.80 support and 61.10 resistance.


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