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WTI analysis – 7 April 2020
By: Ahura Chalki
WTI started the Asian season with positive mode, gaining about 4% by now. The reason behind come from the reports from Russian and Saudis that are close to the possible deal, however, as both sides want, American also need to join the OPEC + in any supply cut plan. On the other hand yesterday almost all main indices closed in a green zone, in the hope of controlling the virus spreading in the US and European countries. However, it is still so early to talk about the economy to back to its normal situation how it was before the current crises.
For now, we can expect the positive mode, but not sharply gain, as long as there is no signed deal on Thursday, but bears also will be in control, as there is a big possibility of a deal.
WTI technical overview – H1
RSI at 58, CCI at 100, while Parabolic SAR dots are way under the candles, mentioned technical indicators remain of more bullish. 50 H-MA and April 2 high at $28.77 is the immediate support and April 3 high at $30.56 is the immediate resistance. Trading under or above mentioned levels can push the market forward or lower.
Pivot point: 28.70
Resistance levels: 30.32 / 31.80
Support levels: 27.22 / 25.60
Today, the expected trading range is between 27.22 support and 31.80 resistance.
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