Crude Oil analysis – 29 Nov 2019

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By: Ahura Chalki

Quiet Day, but reserved the weekly gain ahead of OPEC+ meeting!

WTI started the Asian season with dropping the price ahead of the very important week, while the US-China trade talks still have not clear results but raising the tensions. Raising the tensions in Iran, even after turning softer and Iraq, by getting more serious, support the bulls in the Oil chart and did not let them change into red candles, despite raising in the US Oil inventories. At the moment, eyes will be mostly on the tensions in Iraq, Chinese economic data, preparing for OPEC+ meeting during December 05/06 in Vienna.

Technical Analysis

As $58 is the psychologically key level, $58.80 is the key resistance for the next levels of $59.40. $60 and $62, while breaking the $57.30, can change the direction. Technical indicators in the H4 chart, mostly remain of side movement.

Pivot point: 57.90

Resistance levels: 58.23 / 58.37

Support levels: 57.76 / 57.43

Today the expected trading range is between 57.43 support and 58.37 resistance.


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