Crude Oil analysis – 28 May 2019

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Double bottom pattern, should we take it seriously?

By: Ahura Chalki

OPEC cut producing plan made market to have upward during yesterday season which got supported by yesterday late election news and bullish in EU exchange and it was following by Asian stock markets as well as a positive sign for the economy. Oil Trading in a very important price from the view of economic science. We are getting closer to summer, which traditionally is the bullish period for Oil, because of rising in manufacturing productions and it means more buyer and this is an exact point that OPEC members understand that and came out with a cutting plan news in the market while still, we have Iran and Venezuela issues alive and on the table.

From the technical side, Oil returned to above MA-14 line and so close to EMA-50, while RSI also moving above 50-level and has a positive sign.

 

Pivot point: 58.78

Resistance levels: 59.45 / 59.70

Support levels: 58.33 / 57.86

 

The expected trading range for today is between 58.33 support and 59.70 resistance.

Note

The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment consultant, can contact us.


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