OIL Technical analysis 8 January 2019
2019-01-08 06:00 am | Resource: Technical Analysis | No Views : 198
(CURDE OIL - WTI )
Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
Oil has witnessed a series of consecutive highs to hit the resistance level of 49.68 as we mentioned in the previous report as it faced selling pressures pushing the oil back down.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of the indicators into the overbought area and the start of the decline below , and The Bollinger Index indicates that prices are unable to touch the upper boundary of the Bollinger Index.
Therefore, we expect that the oil will fall back to the level of 46.10 dollar again and this scenario fails in the case of breaching of oil level of 49.68 dollar, Taking into consideration that the largest picture of oil target level of 51.88.
The alternative scenario is that the oil breached the 49.68 level to upside for targeting the 51.88 level.
Sell Oil around the 48.50 levels for target level of 46.10 dollar with the activation of stop loss in the case of the closure of the highest level of 49.68 dollar.
Resistance: 48.50 - 49.68 - 51.88
Support: 47.04 - 44.47 - 42.60
Oil prices rose more than 1 percent on Monday after a drone attack claimed by Yemen's Houthi rebels sparked a fire at a Saudi oil and gas field. Saudi Aramco's Shaybah oil facility was attacked by a drone on Saturday, raising tensions in the Middle East. This resulted in a fire but no interruption in oil production or transportation. Iran says it has warned the United States not to seize…
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