This post is also available in: فارسی (Persian)
By: Ahura Chalki
Nothing but Iranian and American dance in Iraq!
“Iran Supreme Leader Khamenei says Harsh revenge awaits “criminals” who killed Soleimani”, this is good to understand the level of tensions.It was just 3 days ago when for the very first time that Iran Supreme leader retweeted Trump tweet and commented that the US will be retaliated. Tensions can grow even more, especially after that Senator Lindsey Graham of South Carolina tweeted “To the Iranian government: Be careful what you wish for — a country that depends on the ability to refine oil for its existence needs to be cautious”. This tensions between the Iran and the US seems more important for the Oil market when we see all these confrontations happening in Iraq, the World’s 4th Biggest Oil Producer. For now fundamental analysis and news are in favor of WTI bulls.
WTI Technical analysis:
In the larger timeframe, it is clearly can be seen that WTI reached once more to its 61.8% of Fibonacci, started from $76.76, its highest level of Sep.2018 to $42.50, the lowest level of 2018 on December 2018. Breathing 61.8% of the Fibo level at $63.54 can open the doors for more bulls, all the way to $69.43, the 78.6% of Fibonacci. Other than that, in the H4 chart, technical indicators mostly returned to the positive side. RSI and Stochastic, both above 69 in the uptrend. Candles above the upper band of BB also confirm the breakout and bullish, where we see that price is already above all daily resistance as well.
Pivot point: 60.94
Resistance levels: 61.69 / 61.70 / 62.10
Support levels: 60.63 / 60.18
Today, the expected trading range is between 60.63 support and 62.10 resistance.
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