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Old 27-06-2019, 11:30
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Default Re: Tifia Daily Market Analytics

WTI: Current Dynamics
06/27/2019

The oil market has a very controversial situation. The growth of geopolitical tensions associated with the situation in the Gulf of Oman, and the threat of interruptions in the supply of oil from this region are pushing prices up. The two-week rally, which began in the middle of the month from a level near the mark of 50.50 dollars per barrel of WTI oil, is happening against this background. On Wednesday, the US Department of Energy published regular weekly data indicating a significant decline in oil reserves in the country (-12.788 million barrels to 470 million barrels). This gave additional upward momentum to oil prices, which allowed them to grow to key levels of 59.50 (Fibonacci 50% of the upward correction to the fall from the highs of the past few years near 76.80 to support near 42.15), 59.00 (ЕМА200 on the daily chart).
At the same time, further growth is constrained by the risks of a slowdown in the global economy and oil consumption.
As expected, at the G20 summit this weekend will meet US President Trump and DPRK President Xi Jinping. Many experts believe that they will not be able to make progress in the negotiations to achieve a trade truce. Negative news from the G20 summit and
concerns about global economic growth may lead to a resumption of lower prices.
On Thursday, WTI crude oil traded near resistance levels of 59.50, 59.00. Below these levels short positions will become relevant again. Only a breakthrough to the zone above the local resistance level of 60.90 will confirm the revival of the bullish trend, and the price will head towards the annual highs near the 66.00 dollars mark. Long-term goals of decline are located at the support level of 42.15 (Fibonacci level of 0% and minimums of December 2018).
Support levels: 56.80, 55.40, 54.10, 53.25, 50.30, 49.00, 42.15
Resistance Levels: 59.00, 59.50, 60.90, 63.50, 64.40, 66.50

Trading Recommendations

Sell Stop 57.50. Stop Loss 60.10. Take-Profit 56.80, 55.40, 54.10, 53.25, 50.30, 49.00, 42.15
Buy Stop 60.10. Stop Loss 57.50. Take-Profit 60.90, 63.50, 64.40, 66.50


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