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By: Ahura Chalki
WTI ignoring the API upbeat data!
Despite the way better than expected API reports, WTI holds trading around $57 after the report of Fox Business News: “The US Senate Finance Communications Director Chuck Grassley said that Phase One China trade deal will be “possibly” signed in Iowa”. Overnight, the American Petroleum Institute reported the inventory levels of US crude oil, gasoline and distillate stocks, rose by 4.260M comparing the -0.708M of the previous week. All eyes today are on trade deal developments and EIA report of later today. Since positive news from the trade deal can help the economy to grow better, it is possible to see the bulls later today, even after EIA upbeat data, as well.
In the H4 chart, technical indicators mostly supporting the bulls, however, Stochastic has a correction signal, while Parabolic SAR dots also getting so close to the candles. RSI moves above 50-level in both H1 and H4 charts, supporting the bulls, the same signal as EMA crossing strategy has. $57.90 is the key resistance level and a door for more bulls, while EMA-20 at H4 chart and 50-day EMA at 55.30 are key support levels.
Pivot point: 57.07
Resistance levels: 57.86 / 58.27
Support levels: 56.66 / 55.87
Today the expected trading range is between 55.87 support and 57.86 resistance.
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