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Old 14-06-2019, 12:16
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Default Re: Tifia Daily Market Analytics

WTI: Current Dynamics
14/06/2019

Despite the rise on Thursday, during the Asian session on Friday, oil prices again resumed their decline. Investors are concerned about weakening demand and increasing oversupply in the United States. Last Tuesday, in the monthly report, the Energy Information Administration (EIA) lowered its forecast for oil demand growth to 1.2 million barrels per day, or 15% from the previous month, due to concerns about a slowdown in global economic growth.
The trade conflict between the US and China, the threat to the growth of the world economy and oil demand, as well as the growth of US oil reserves (oil reserves in the country rose to 485 million barrels, the maximum since July 2017) contribute to the increase in the negative trend in the oil market.
Participants in the oil market also believe that the situation with the attack on tankers could be another geopolitical fear.
If a deal to reduce oil production by OPEC + (OPEC meeting is scheduled for the end of June) is not extended, the fall in oil prices may accelerate.
On Friday at 17:00 (GMT), the American oilfield services company Baker Hughes will present a weekly report on the number of active drilling rigs in the United States. At the moment, their number is 789 units.
If the report indicates an increase in the number of such installations, this may give an additional negative impetus to prices.
*)An advanced fundamental analysis is available on the Tifia Forex Broker website at tifia.com/analytics
At the beginning of the European session, WTI crude oil is quoted at $52.00 per barrel, below the important resistance levels of 59.50 (50% Fibonacci level), 59.00 (EMA200 on the daily chart), 56.85 (EMA200 on the weekly chart), 55.40 (Fibonacci level 38.2% of the upward correction to a fall from the highs of the last few years near the 76.80 mark to the level of support near the 42.15 mark).
Mostly negative dynamics. Long-term targets are located near the 42.15 mark (lows of December 2018). Relevant short positions.
Support Levels: 50.30, 49.00, 42.15
Resistance Levels: 53.25, 55.40, 56.85, 59.00, 59.50

Trading Recommendations

Sell in the market. Stop Loss 53.50. Take-Profit 50.30, 49.00, 43.00
Buy Stop 53.50. Stop Loss 51.50. Take-Profit 55.40, 56.85, 59.00, 59.50


*) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com
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