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Bu: Ahura Chalki
Oil moves against the EIA report!
Trade uncertainty weighing on the Oil price. “Business Insider” reported that ‘US Treasury Secretary “Mnuchin” confirmed that he will be traveling to China” for face to face negotiations as last week’s phone talks were a bit positive and China started buying “soybean from the US”. Yesterday’s economic data were that bad that even EIA reports of the decline of more than 10 million barrels in US oil stocks also could not help Oil price to even hold itself and not even to raise. For now and with these economic situations, more bearish is expected, unless the ECB meeting today or next week’s negotiations will make changes in the market.
From the technical side, Price at 56.10 met exactly 14-days SMA at H1 chart, where candles are clearly under Parabolic SAR dots with the conformation of bearish, the signal which RSI also giving us with moving under 50-level.
Pivot point: 56.18
Resistance levels: 57.14 / 58.48
Support levels: 54.74 / 53.88
The expected trading range for today is between 54.74 support and 57.14.88 resistance.
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