Midday update for Crude oil 19-08-2019
Crude oil price tests 55.65 level and bounces lower to move near 55.00 again, keeping the bearish trend scenario valid for today, depending on the stability below 55.95 level, where the price organizes within the bearish channel that appears in the image, waiting for surpassing 54.47 level, to reinforce the chances for heading to our next main target that reaches 51.61.
The expected trading range for today is between 53.50 support and 56.50 resistance.
The expected trend for today: Bearish
Copper price repeats the negative closes – Analysis – 19-8-2019
Copper price continued providing negative closes below the resistance that is located at 2.6200, to keep its negative stability, therefore, we will keep waiting for forming negative trading, to target several negative levels that begin at 2.5500 reaching to 38.2% Fibonacci correction level at 2.4660.
By the above image, we notice stochastic reach below 50 level, to support the negative suggestion by providing extra negative momentum, to ease the mission of reaching the waited negative targets.
The expected trading range for today is between 2.6000 and 2.5500
The expected trend for today: Bearish
Platinum fluctuates within the negative range– Analysis – 19-8-2019
Platinum price returned to fluctuate above 840.00 level, to delay the negative attack, which forces it to provide new sideways trading, by its stability at 846.00, but the repeated stability below the bearish channel’s resistance at 867.00 increases the negative attack, targeting the support level initially at 790.00.
Note that the price success to break 790.00 level and providing negative close below it will reinforce the continuation of the negativity, to expect targeting new negative levels that begin at 748.00 and 680.00.
The expected trading range for today is between 860.00 and 790.00
The expected trend for today: Bearish.
The GBPJPY settles below the barrier – Analysis – 19-8-2019
The GBPJPY pair approached in its last correctional trading that comes from 130.00 barrier, to increase the chances for renewing the negative attempts, the bearish scenario success requires the repeated stability below the current barrier besides gathering a new negative momentum, to ease the price mission at 128.10 initially, to attempt to press on 126.50 support.
While the price rally above the current resistance will increase the chances for forming a bullish correctional trading, to target 131.70 level reaching to the critical resistance at 133.00.
The expected trading range for today is between 130.00 and 128.10
The expected trend for today: Bearish