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By: Ahura Chalki
EIA lifted up the Oil price more than 1%
In the Asian season, Oil price correcting the last night gain after a surprising drop, in the U.S. crude stockpiles. The Energy Information Administration’s (EIA) Crude Oil Inventories measured the weekly change in the number of barrels of commercial crude oil held by US firms, which surprised the market with -1.699M while last week, it was 9.281M. Today there is no especial news that can directly affect the Oil market, however, it is a very busy day in the economic data, which indirectly can affect the Oil market as well. Positive data generally is good for the Oil price, while negative data with adding the fears of recessions, can erase the gains of past days.
In both H1 and H4 chart technical indicators still supporting the bulls. RSI moves above 67-level, while Parabolic SAR’s dots are clearly forming under Candles. EMA crossing strategy also still on bull sides. However, in the H1 chart, Parabolic SAR dots are getting closer to the candle, with the correction or changing the movement direction, signal. Trading above $56, will open the doors for the next strong resistance at $57.20, while breaking down the $55.30 and then $54.47, will be the green light for $52.50 and a monthly low of $51.20.
Pivot point: 55.33
Resistance levels: 57.08 / 57.78
Support levels: 54.63 / 52.88
Today the expected trading range is between 52.88 support and 57.08 resistance.
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