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OIL Technical analysis 12 December 2018

2018-12-12 12:18 am | Resource: Technical Analysis | No Views : 222

Time frame Used - four hours
Oil is moving in a sideway direction in the near term.
OIL CHART
Oil is still facing resistance and selling pressure around levels of 52.50 - 54.54.
In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
Accordingly, we expect that the oil will test levels of 52.5 - 54.54 dollar.
The alternative scenario is that the oil broke level of 50.00 dollar downside which by breaking it below will target the level of 48.50 - 47.50.
 Traders are following the US Oil Inventories report, which will be released at 10:30 am GMT, as the change in the total number of barrels of crude oil measures the stocks of trading companies last week. The Energy Information Administration produces weekly data on US oil inventories, both domestically produced and externally produced. Inventory levels also help to determine the prices of petroleum products. Crude oil is an important commodity in world markets. Prices are fluctuating based on supply and demand conditions in global markets. Oil is also an important part of the economy and thus contributes to the direction of inflation. Consumer prices are stable at a time when oil prices are falling and rising as oil prices rise.will target the levels of 55.76 - 57.38.

Resistance: 52.50 - 54.50 - 55.50
Support: 50.0 - 48.50 - 47.50
Direction: sideway
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