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By: Ahura Chalki
The Russians predict is correct?
Last week, there was news in the market that “Bloomberg” reported about Russian budget balance calculated based at a price of $49.20 for Urals crude, putting it close to the bottom of the rankings of major oil producers according to that measure. Trade war weighted on Oil price during the weekend. China will retaliate with tariffs on $75 billion more of US goods and resume auto tariffs (CNBC News). This news and fast reaction of Mr. Trump about US companies to leave the Chinese market and finding alternative options reacted on the market to fell the Oil price down to $52.87 overnight, however latest news about stepping back from earlier warning from both sides, helping the prices to recover a bit and waiting to see the market and trader reactions.
From the technical side, EMA50 and RSI, both having more bearish signals while candles are clearly under EMA50 and EMA20 as well, and the RSI line which moves under 50-level. Stochastic is moving downside from an overbought area with crossing down the Signal line with the Mainline, remains correction for now, but not trend reversal. Parabolic SAR also confirming stochastic signal.
Pivot point: 54.07
Resistance levels: 54.97 / 56.40
Support levels: 52.64 / 51.74
The expected trading range for today is between 52.64 support and 54.97 resistance.
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