Crude Oil analysis – 30 May 2019

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900,000-barrel fall in API report!

By: Ahura Chalki

Due to Monday Holiday, we had a delay in API and EIA reports. API late report of yesterday which was overnight for EU and early morning for Asian season had more than 900,000-barrel fall and it helped Oil price to gain on its yesterday’s loss. Later today we are waiting for the EIA report, which is again so tricky as last week. The expectation number for EIA report is way less than the last weeks, which is so unlikely to be less than that, however, what is important is to see how much will be more or less than expected. China is also opposed to US actions in relation to Hong Kong announced that their relationship with Iran, especially about energy (read it Oil) dealing, following international business relationships and does not violate any law.

From the technical side, Movement is between MA mainline and EMA-50, returned to positive from yesterday downtrend and Stochastic in other hand remains of the possibility of returning back to bearish, while in a total downtrend in H4 and Daily chart, it is moving above 80- level and mainline is about to cut down the signal line. $61.21 and $57.47 are still key support and resistance levels.

Pivot point: 58.66

Resistance level: 60.40 / 61.29

Support level: 57.76 / 56.02

The expected trading range for today is between 56.02 support and 60.40 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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