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By: Ahura Chalki
Oil is in keeping with Green Stocks
While positive news from trade talks came out with setting up the meeting in Washington between US and Chinese negotiators in early October (Reuters), the American Petroleum Institute (API) reports inventory levels of US crude oil, gasoline and distillates stocks rose to 0.401M from -11.100M of last week. The Oil reaction to this news was to fall to $55.70 from its high of $56.42. Now, both geopolitical tensions and trade war news are in the same way of Oil price, as there is some hope on trade talks, while geopolitical tensions between Iran and the US getting worse since they could not agree to meet at next United Nations summit and French mediation also had no results so far. After the biggest bullish move in the past two months, today EIA report will be in the spotlight.
EMA14 crossed EMA50 at $54.86 and now the prices move way above both, while Parabolic SAR also forming way under Candles and RSI moves above 60-level. However, Stochastic moves at the overbought area, but as we are in an uptrend, for now, it can be correction sign and not reversal.
Pivot point: 55.45
Resistance levels: 57.24 / 58.21
Support levels: 54.48 / 52.70
The expected trading range for today is between 54.48 support and 57.24 resistance.
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