Recovering after hitting 5 months lows!
By: Ahura Chalki
Crude Oil started recovering some of it’s loses after testing its five months lows as OPEC and None – OPEC members meeting ahead. Low economic data forced Oil prices to have its lowest price during the last weeks, however, downtrend seems ended as rate cut came under consideration in the US and EU after Australia and New Zealand. Rate cut with the aim of helping the economy to grow up after weakness data brought the hopes back to investors and industries, however, it’s just hoping for now and has to wait for real action from FED and ECB. For now, today’s NFP result and technical analysis for next days after that will be more effective for trade, since the market is overloaded with the news and different analysis.
From the technical side, 53.50, 54.40 and 57.57 will be next key resistance levels which breaking any of them, will take us to the next level. In the same time and in the H4 chart, side movement of last days brought Bollinger bands closer together and it is the sign of the next bigger move, either up or down. Other indicators like RSI and Stochastic also in both H4 and H1 charts, still have bullish signs.
Pivot point: 52.77
Resistance level: 54.29 / 54.88
Support level: 52.18 / 50.66
The expected trading range for today is between 50.66 support and 54.29 resistance.
The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment consultant, can contact us.