By: Ahura Chalki
Two directions, Flat moves!
The financial market became more mixed after US mixed data on the last day of the past week. Oil price these days moves under the influence, Middle East tensions while Iranian 60-day deadline for European to guarantee for selling their oil, against of US sanctions as well as the new trading system, “INSTEX”, which works without USD money transfer system, has been ended yesterday. and weak economic data. Usually, tensions in the Middle East, especially Iran, which has control over the Persian Gulf and “Hormuz” strait, and weaker economic data makes it lose the price, due to less buyer. We have both reasons now and seems, for now, they are balancing each other, with the flat movement of price. Economic data this week, especially from the US, China, and Germany, will lead the Oil market, this week.
From the technical side, In the H1 chart, price moves clearly under 50-day SMA and with touching the Parabolic SAR dots, created under candles, and gets a more bearish sign. RSI line still moves above 50-level, with a slope down and cannot confirm any of bearish or bullish possibilities. Stochastic near the 20-level, starting bullish signal with crossing the signal line with the main line, bottom up!
Pivot point: 57.40
Resistance levels: 58.48 / 58.90
Support levels: 56.98 / 55.90
The expected trading range for today is between 55.90 support and 58.48 resistance.
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