Crude Oil analysis – 24 May 2019

Oil in free fall!

By: Ahura Chalki

Crude Oil kept its downtrend, started with positive very positive data of EIA by Wednesday, on Thursday as well, especially after more fears and risks in Stock markets, which made traders and investors worry about future global economic development with the rise of a trade war, which is started effect on EU financial markets as well.

57.47, a very important support level, has been broken yesterday, even if it is back now and trading above $58.60, still with Candles under the MA line and RSI negative signal, by moving under 50-level, generally market in H1 and H4 chart has a clear bearish signal. However, the correction of yesterday’s loss also is one of the expected options, before keep losing the price. 

Pivot point: 58.76

Resistance levels: 60.20 / 62.82

Support levels: 56.14 / 54.69

The expected trading range for today is between 56.14 support and 60.20 resistance.

Note: 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 u

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