Best Opportunities, Vision and Technical Analysis for The Oil 5 February 2019
2019-02-04 11:54 pm | Resource: Technical Analysis | No Views : 207
Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
Oil tested the support level of 53.37 again, which advised us in the previous report to buy around this level to our view that oil is on its way to the wave of upward during the coming period, forming a positive candlesticks pattern.
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 oil will test 56.06 again, and this scenario fails in case of instability above level of 53.37, and oil on the daily chart is targeting around level of 58.
The alternative scenario is that the oil breach the 56.20 level to target level of 58.
Buy Oil around the current for targeting around level of 56.06, With the activation of stop loss in the case of closure below the level of 53.37 dollars.
Resistance: 56.06 - 57.50 - 58
Support: 53.5370 - 51.80 - 50.33
Gold rose but remains below the $ 1500 level, as demand for the safe haven metal eased as investors tracked progress in trade negotiations Wall Street shares remained unchanged in pre-market trading on Monday after the United States and China reached a partial trade deal. Washington has told the World Trade Organization that it wants to try to negotiate a deal with the European Union instead of imposing tariffs on…
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