By: Ahura Chalki
Price is flat, Eyes on G-20 & OPEC!
While Oil price was raising up due to EIA and API negative reports as well as Middle East tensions, G-20 affected everything as investor’s eyes on bilateral and multilateral talks during the summit. As positive news will help the Oil price to raise more, negative news also can take it much deeper than the previous downtrend, some analysis believes in $30, even. Also right after this summit, OPEC meeting will be in focus starting next Monday, where members and non-members are trying to agree on produce cutting.
From the technical side, and the H1 chart, indicators have mixed signals. While RSI still moves around 50-level for the second day with any kind of bearish or bullish signal, Parabolic SAR gives a bearish signal with forming its dots above candles and Stochastic just started bullish signal with crossing the signal line with the mainline.
Pivot point: 59.20
Resistance levels: 59.85 / 60.35
Support levels: 58.70 / 58.05
The expected trading range for today is between 58.05 support and 60.35 resistance.
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