Crude Oil analysis – 8 Aug 2019

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By: Ahura Chalki

EIA sent Oil deeper!

The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change of 2.385M barrels of commercial crude oil held by US firms from -8.496M of last week and -2.845M of the forecast. Reduced demand in the market following weak economic data with this EIA report, does not show a bright future for the oil price, at least for now. Changing in Stock markets may change the situation with stable raising again in stock markets and a lively economy.

From the technical side, 53.14 is the next resistance level in the H4 chart, where the Parabolic SAR dots also may touch the candles, in this case, it is the sign of more bearish. In the H4 chart, indicators remain of more bearish with RSI under 50-level and Parabolic SAR dots which are clearly forming above candles

 

Pivot point: 52.12

Resistance levels: 53.82 / 55.39

Support levels: 50.56 / 48.87

The expected trading range for today is between 48.87 support and 53.82 resistance.


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