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By: Ahura Chalki
Free Fall after the shock!
Oil market generally last week had a calm downside move global slowing economic data, and geopolitical changes, as well as positive news from Saudis, that they are able to be back at the market sooner than expected. This week economic data will be in focus, especially PMI data as well as EIA and NFP. For now, the week started with positive news from China, with positive than expected numbers in Manufacturing and Caixin Manufacturing PMI. Latest comment from Saudi Arabian’s crown prince., reported by BBC, that “Saudi crown prince warns of ‘Iran threat’ to global oil, may stop the prices from more shedding.
Technical indicators, at this level for the Oil prices, at the H4 chart, have mixed signals. While Candles are clearly under both EMA50 & 20, EMA crossing strategy also supports the bears, in the line with RSI, with moving at 41-level. On the othet hand, Parabolic SAR with forming the dots with almost 90 pips under candles, remains of the clear bearish signal.
Pivot point: 55.88
Resistance levels: 57.10 / 57.88
Support levels: 55.10 / 53.88
Today the expected trading range is between 55.10 support and 57.10 resistance.
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