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WTI analysis – 14 April 2020
By: Ahura Chalki
WTI could gain back its loss of US trading season of the day before, to reach its 5% gain of the day before in the Asian season, however, it could not gain more, as 9.7 Mbd supply cut is not good enough to encourage the market at the moment. This is what exactly Saudis Energy Minister also told Reuters, as well, as he believes, 19 Mbd supply cut can bring the balance, back into the market, which is far than the imagination to think that OPEC+, Canada and American can agree on, so the results as it was expected will be just a bit stabilizing the price around the same level, as long as demand is not growing more.
A key signal of the oil market can be reopening the industries and factories in China, US, and European countries, which if starts, can push the market a bit higher, otherwise, $27-30 is a reasonable price of WTI at the moment.
WTI price overview – H1 chart
Price returned above 20 & 50 HMA, while RSI just moves above 50, however, it is a flat move over there. Parabolic SAR forms its dots under the candles, supporting the bullish signal of the EMA crossing strategy.
Pivot point: 28.25
Resistance levels: 29.34 / 30.60
Support levels: 27.00 / 25.90
Today, the expected trading range is between 25.90 Support and 29.34 resistance.
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