OIL Technical analysis 17 December 2018
2018-12-16 11:11 pm | Resource: Technical Analysis | No Views : 179
Oil is moving in a sideway direction in the near term.
Oil is still facing resistance and selling pressure around levels of 52.66 - 54.54.
In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the levels of 48.50 - 47.50
The alternative scenario is that the oil retest levels of 52.66-54.50.
Trading between the lower boundary and the upper boundary of the trading range.
Resistance: 52.50 - 54.50 - 55.50
Support: 50.0 - 48.50 - 47.50
Gold prices plunged as the dollar rose marginally as further developments awaited trade negotiations between the world's two largest economies and political developments in Hong Kong. The president will also address the New York Economic Club later in the day in a speech the White House said will highlight "how his policies on tax cuts, deregulation, fair and mutual trade have supported the longest economic recovery in US history with…
- Gold prices rise due to uncertainty in the China-US trade deal 12:08 pm2019-11-11
- Oil falls after the discovery of Iran's new field contains 53 billion barrels 08:10 am2019-11-11
- Gold prices are rising but heading for a weekly close on the red 09:52 am2019-11-08
- Oil prices fell during the last weekly sessions on Friday 07:48 am2019-11-08
- Gold prices drop with positive reports on trade negotiations 11:41 am2019-11-07
- Oil stabilizes after yesterday's decline due to jump in US inventories 07:47 am2019-11-07
- Gold rise a day after recording the biggest daily loss in a month 10:05 am2019-11-06
- Gold fell as the dollar rose to its highest level in a week 10:27 am2019-11-05
- Oil marginal rise amid rising optimism in trade negotiations 07:46 am2019-11-05