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Old 21-06-2019, 10:57
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Default Re: Tifia Daily Market Analytics

WTI: price increase is corrective in nature
06/21/2019
Current Dynamics

Since the opening of today's trading day, WTI crude oil has been trading in a narrow range near the mark of 57.00 dollars per barrel. One of 3 key resistance levels (ЕМА200 on the weekly chart) passes through this mark. Below this level and resistance levels of 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 42.15 mark), 59.00 (ЕМА200 on the daily chart) is dominated by a long-term negative dynamic.
The current increase in the price of oil, which is observed this week, so far can be described as corrective, provoked by a number of fundamental factors.
This is the growth of geopolitical tensions in the Middle East, as well as the weakening of the dollar, occurring against the backdrop of the Fed's statements about the increased likelihood of monetary easing. After last week two oil tankers were attacked in the Gulf of Oman, on Thursday, US officials reported a missile attack on a desalination plant in Saudi Arabia, which was allegedly inflicted from Yemen. Later, the Islamic Revolutionary Corps announced that it had shot down an American reconnaissance drone over Iranian territory. The United States on Thursday announced preparations for a retaliatory strike on Iran.
Earlier, the Iranian authorities have repeatedly threatened to close the Strait of Hormuz, if US sanctions against Iran are not lifted.
The increased risk of oil supply disruptions from the Middle East, coupled with a weaker dollar, led to a sharp rise in oil prices this week.
On Friday, oil market participants will follow the publication at 17:00 (GMT) of a weekly report on the number of active drilling rigs in the United States from the American oilfield services company Baker Hughes. If the report again indicates a decrease in the number of such installations (788 units at the moment), this may give an additional positive impetus to prices.
Nevertheless, it is premature to consider price growth above key resistance levels 59.00, 59.50.
Below these resistance levels, a long-term bearish trend prevails.
*)An advanced fundamental analysis is available on the Tifia Forex Broker website at tifia.com/analytics

Trading recommendations
At the beginning of the European session, WTI crude oil is priced at $ 57.00 per barrel, below the important resistance levels of 59.50 (Fibonacci 50% of the upward correction to a fall from the highs of the past few years near 76.80 to the support near 42.15), 59.00 (ЕМА200 on the daily chart).
The signal for the resumption of sales will be the breakdown of support levels of 56.40 (ЕМА200 on 4-hour chart), 55.40 (Fibonacci 38.2%) with long-term goals located near the support level of 42.15 (Fibonacci 0% and lows of December 2018).
Support Levels: 56.40, 55.40, 54.10, 53.25, 50.30, 49.00, 42.15
Resistance Levels: 57.00, 59.00, 59.50

Trading recommendations

Sell Stop 55.30. Stop Loss 57.80. Take-Profit 54.10, 53.25, 50.30, 49.00, 42.15
Buy Stop 57.80. Stop Loss 55.30. Take-Profit 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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