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By: Ahura Chalki
Trade Talks and API in focus!
Ahead of API report later today, WTI price drops under $57 following new doubts on trade talks. Asian season started earlier today with negative movement, which part of that can be because of stronger USD, after recovering above $97.20. However, trade talks optimism and stronger stocks still supporting the buyers. On the other hand, concerns about global economic growth after yesterday’s decline in the US factory orders and earlier today in China’s Caixin Services PMI could weight on the Oil market, if it continues with more negative data from the US, however, for now, the environment still is positive for Oil. For today, API data will be in the spotlight.
In both H1 and H4 charts, technical indicators still supporting the bulls, while Stochastic remains of correction. EMA crossing strategy still moves on the positive side, RSI above 50-level and Heiken Ashi candles are fresh green.
Pivot point: 56.57
Resistance levels: 57.30 / 58.14
Support levels: 55.74 / 55.00
Today the expected trading range is between 55.74 support and 58.14 resistance.
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