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Old 15-05-2019, 10:40
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Default Re: Tifia Daily Market Analytics

WTI: the price has reached the zone of important support levels
05/15/2019

Participants in the oil market are concerned about the escalation of trade confrontation between China and the United States and the slowdown in global economic growth. The International Energy Agency (IEA) on Wednesday lowered its forecast for global oil demand growth in 2019 by 90,000 barrels per day to 1.3 million barrels per day. These are negative fundamental factors for oil prices. At 14:30 (GMT), the Energy Information Administration of the US Department of Energy will publish its regular weekly report, according to which, reserves are expected to grow by 2.984 million barrels. If the forecast is confirmed, oil prices may resume their decline.
At the beginning of the European session on Wednesday, WTI crude oil is trading near the 61.10 mark, through which there is a strong support level (ЕМА50 and the lower line of the ascending channel on the daily chart). In case of a breakdown of this level, the price will fall to support levels of 59.90 (ЕМА200 on the daily chart) and 59.50 (Fibonacci level 50% of the upward correction to a fall from the highs of the last few years near the 76.80 mark to the support level near the 42.14 mark). Above these levels, a long-term upward trend is maintained.
If China and the United States nevertheless succeed in reaching an agreement, while negotiations between the representatives of the two countries continue, it is likely that oil prices will rise again.
The signal for the resumption of purchases will be the breakdown of the short-term resistance level of 61.85 (ЕМА200 on the 1-hour and 4-hour charts). In this case, the price will go to the recent highs near the 66.50 mark and further, to the 70.00 mark, through which the upper line of the ascending channel passes on the daily chart.
The alternative scenario will be associated with the breakdown of the support level of 59.50 and a decrease to the support level of 57.00 (EMA200 on the weekly chart). Breakdown of support levels 57.00, 55.40 (Fibonacci 38.2%) will revive the bearish trend.
Support Levels: 61.10, 59.90, 59.50, 57.00, 55.40
Resistance Levels: 61.85, 63.50, 64.40, 66.50, 68.00, 70.00

Trading Scenarios

Sell Stop 60.60. Stop Loss 62.10. Take-Profit 59.90, 59.50, 57.00, 55.40
Buy Stop 62.10. Stop Loss 60.60. Take-Profit 63.50, 64.40, 66.50, 68.00, 70.00


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