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Best Opportunities, Vision and Technical Analysis for The Oil 8 February 2019

2019-02-08 09:05 am | Resource: Technical Analysis | No Views : 211

Time frame Used - four hours
Oil is moving in a bearish direction in the near term.
Oil witness selling pressure pushing it to breach the important support level of  53.37 again, as the oil formed a technical pattern called H&S , to dropped the  Oil is down to the level of 51.79, trying to consolidate above this level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area.
Therefore, we expect that oil will target around levels of  50.68 - 50.33 USD again, and this scenario fails in case of  stabilize above level of  53.37 USD
The alternative scenario is that the oil retest the 54.50 level..
Sell the Oil around the 53.37 levels for targeting levels of 50.68 - 50.33 With the activation of stop loss in the case of the closure of the highest level of 53.37 dollars.
Resistance: 53.37 - 54.26 - 55.16
Support: 51.79 - 50.33 - 48.29
Direction: Down
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