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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
Direction: sideway
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