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OIL Technical analysis 17 December 2018

2018-12-16 11:11 pm | Resource: Technical Analysis | No Views : 179

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 52.66 - 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.
Recommendation
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
Direction: sideway
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