Crude Oil analysis – 6 Sep 2019

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This post is also available in: فارسی (Persian)

 

By: Ahura Chalki

All news in the Oil service

Past 48 hours were Golden hours for Oil, as much positive news came up from Chinese stronger than expected data and then US data in the same way as well, while EIA reported a decline in US Crude Oil inventories, and now, Iran is taking the third step to decrease nuclear commitment from today (BBC News). All these happening after the two largest economies in the world, agreed to hold their trade talk in early October. For now, all news for Oil is about are about keeping the price even higher, especially if we will have a positive unemployment rate in the US, which will be published later today. 

Technical Analysis

Price is sitting exactly on its EMA20 at $56.21 currently while technical indicators have mixed signals. RSI moves a bit above 50-level with side movement, while Parabolic SAR forming the dots way above Candles, however, EMA50 on its way to cross over the EMA20, which in case if it happens in next hours, will be a clear sign of bullish.

 

Pivot point: 56.33

Resistance levels: 57.00 / 58.22

Support levels: 55.05 / 54.34

The expected trading range for today is between 55.05 support and 58.22 resistance.


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