Crude Oil analysis – 29 July 2019

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This post is also available in: فارسی (Persian)

 

By: Ahura Chalki

Oil and Nuclear Agreement!

Iran says meeting with parties to nuclear deal ‘constructive’ (Reuters), as it is reading positive news for the market, fewer tensions, less price for Oil. However, Oil still moves between its side movement to make the decision. Tuesday and Wednesday – the first face-to-face meeting since talks on their year-long trade war collapsed in early May. FED rate decision meeting beside trade talk will be the market movers of the week.

From the technical side, price moves under SMA14 and Parabolic SAR  remain negative sign and more bearish. RSI also moves under 50-level and confirms the bearish moves, as well.

 

Pivot point: 56.16

Resistance levels: 56.63 / 57.04

Support levels: 55.75 / 55.28

The expected trading range for today is between 55.28 support and 56.63 resistance.


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