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By: Ahura Chalki
Oil, the biggest victim of Economic concerns.
Following recession worries all over the globe, Starting from the US with the latest negative economic data, Canada with less than expected GDP, Europe which is for months that many analysts believe they are already in recession, Oil losing the ground day after day, and going t close with big weekly loss over demand worries, even after some correction which it had overnight. For now, as we are in autumn and usually we do have less demand than summer, only positive trade talks, next week in Washington City, can help to recover part of loses.
At the H4 chart, technical indicators mostly supporting the bears. EMA crossing strategy still in the negative zone, while RSI moves at 40-level. For now, it is less than an hour that Parabolic SAR started to form its dots, under Candles with slightly supporting a trend reversal. For now, the key support and resistance levels sit at $51.65 and 53.75, respectively.
Pivot point: 52.03
Resistance levels: 53.16 / 53.93
Support levels: 51.27 / 50.14
Today the expected trading range is between 150.14 support and 53.19 resistance.
Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.