OIL Technical analysis 15 January 2019
2019-01-14 11:30 pm | Resource: Technical Analysis | No Views : 198
Time frame Used - four hours
Oil is moving in a bearish direction in the near term.
Oil is still facing resistance and selling pressure around the level of 51.77 to retreat under the pressure of selling down as oil fell in the middle of today's trading to fall nearly from the levels of 50 dollar and also we note that oil is facing the resistance line of the moving average of the indicator of the Bollinger, indicating to confirm the shift to the trend down during the coming period in the near term
In view of the technical indicators
Both the RSI and Stochastic are indicating to decline of the indicators.
Therefore, we expect that the oil will drop to level of 48.42 in a corrective movement to downward, and this scenario would fail if oil breached level of 53.37 to upside.
The alternative scenario is that oil breached level of 53.37 to upside to target levels of 56.00- $ 57.00.
sell oil around the level of 51.00 dollars for targeting level of 48.42 dollars with the activation of stop loss in the case of closure at the highest level 51.77 dollars.
Resistance: 51.77 - 52.15 - 53.37
Support: 49.70 - 48.42 - 45.12
Oil prices rose on Thursday after US government data showed a drop in domestic crude inventories after the US Energy Information Administration report on Wednesday. Data released by the Energy Information Administration showed on Wednesday US crude inventories fell by 2.7 million barrels in the week ending August 16, after posting increases in the previous two weeks. Gasoline inventories rose by 300,000 barrels last week and distillate inventories increased…
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