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By: Ahura Chalki
Mixed market ahead of OPEC meeting!
Market news is so mixed, Trade Talks has not exact results yet, can be signed or denied any time. API data later today and OPEC+ cut plan are in focus at the moment. After a bit correction of the day before, today WTI is trading softly around $56. There is not much news for today that can effect on WTI price, but API data. However, tomorrow with EIA data and the day after that with OPEC meeting, the Oil market will have busy days. For now, trade war and economic data pushing the Oil price lower, while OPEC potential supply cut extension keeping it higher. “Meanwhile, on the trade front, US Commerce Secretary Ross overnight said Trump will increase tariffs if a trade deal with China cannot be reached” (FxStreet), the market, for now, is mixed and trading with technical indicators and key levels are more effective.
Technical indicators have negative signals at the moment. RSI moves at 40-level, while Parabolic SAR also forming the dots way above candles, supporting the bears. $55.50, 50-DMA and 57.07, 20-DMA are current key support and resistance levels. EMA crossing strategy but still supports the bulls.
Pivot point: 55.94
Resistance levels: 56.46 / 57.02
Support levels: 55.38 / 54.86
Today the expected trading range is between 54.86 support and 57.02 resistance.
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