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
Precious metals traded with gains on Monday as uncertainty surrounding Brexit, the US-China trade war and fears of a global economic slowdown continued. In Britain, Prime Minister Boris Johnson is competing round the clock to gather support for his deal on Brexit, where MPs postponed a vote on the deal over the weekend. Johnson will push for a meaningful new vote today. Meanwhile, the first trade agreement between Washington and…
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