Crude Oil analysis – 5 Dec 2019


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By: Ahura Chalki

The decisive day for WTI!

WTI traders and investors will be looking closely at OPEC meetings for clear direction, especially after missing data from the EIA. The Energy Information Administration’s (EIA) weekly report, confirms decreasing by -4.856M in Crude Oil Inventories weekly change. This week both EIA and API data missed the expectations. This missing in Crude Oil inventories, in company with OPEC+ meeting, helped the Oil price to raise and hold above $58. While trade optimism is alive, today’s OPEC leader’s decision and statement will be matter.

Technical Analysis:

While technical indicators mostly supporting the bulls, $57.30 and $58.60 are the key support and resistance levels. RSI moves above 50. Candles are clearly above all main moving averages, and Parabolic SAR also forms its dots, way under the Candles in the H4 chart.

Pivot Point: 57.80

Resistance levels: 59.43 / 60.17

Support levels: 57.06 / 55.43

Today, the expected trading range is between 55.43 support and 60.17 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.


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