OIL Technical analysis 10 January 2019
2019-01-10 12:21 am | Resource: Technical Analysis | No Views : 246
Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
Oil continues to perform positively as bulls continue to dominate the oil movement to breach the resistance level of 49.68 to reach the levels of 51.88 - 52.53 where it faces resistance and selling pressure around these levels, to achieve the target oil bullish on the larger picture around the levels of 51.88.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the oil will drop to levels of 49.68 - $ 47.04 again and this scenario will fail if oil breached level of 52.53 to upside.
The alternative scenario is that the oil breached the 53.25 level to upside for targeting levels of 56.00- $ 57.00.
Sell Oil around the current levels 51.88 to 52.53 for targeting level of of 49.68 - 47.04 dollars with the activation of stop loss in the case of the closure of the highest level of 53.25 dollars.
Resistance: 51.88 - 52.53 - 53.25
Support: 49.68 - 47.04 - 44.47
Gold fell Friday to record a one-week low as the dollar stabilized, as the British parliament's vote on a draft Brexit deal reached by the United Kingdom and the European Union. The stability of the dollar and the decline of global stocks Global stocks fell on Friday after China posted its weakest quarterly economic growth rate in three decades, underscoring investor concern about trade-related slowdowns in major markets around the…
- Oil retreated to a weekly closing in red after inventory data 08:49 am2019-10-18
- Gold stabilizes as dollar stabilizes and awaits Brexit developments 09:31 am2019-10-17
- Oil falls due to rising US inventories after the Institute of Petroleum report 07:26 am2019-10-17
- Gold prices rose on Wednesday as trade concerns returned 12:58 pm2019-10-16
- Oil rises Chinese companies violate Iranian oil sanctions 10:23 am2019-10-16
- Oil prices drop for a second day amid various news reports production 11:19 am2019-10-15
- Gold prices stability is anticipated for US-China trade negotiations 10:23 am2019-10-15
- Gold price rose under the China-US trade negotiations 09:58 am2019-10-14
- Crude oil prices fall ahead of Russia and Saudi Arabia talks on oil 08:42 am2019-10-14