Best Opportunities, Vision and Technical Analysis for The Oil 7 February 2019
2019-02-06 11:40 pm | Resource: Technical Analysis | No Views : 259
Time frame Used - four hours
Oil is moving in a sideway 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.
The traders are following the release of US oil inventories data which will be released at 10:30 am GMT.
Resistance: 56.06 - 57.50 - 58
Support: 53.5370 - 51.80 - 50.33
Oil prices fell after estimates showed US inventories rose for the sixth consecutive week, the longest run in nearly a year. A preliminary Reuters survey on Monday showed that US crude inventories are expected to increase for the sixth week in a row, while distillate and gasoline inventories are likely to fall in the week to October 18. The American Petroleum Institute reported that crude inventories rose by 4.45 million…
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