Best Opportunities, Vision and Technical Analysis for The Oil 11 February 2019
2019-02-10 10:12 pm | Resource: Technical Analysis | No Views : 192
(CURDE OIL - WTI )
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
Oil prices rose on Thursday after US government data showed a drop in domestic crude inventories after the US Energy Information Administration report on Wednesday. Data released by the Energy Information Administration showed on Wednesday US crude inventories fell by 2.7 million barrels in the week ending August 16, after posting increases in the previous two weeks. Gasoline inventories rose by 300,000 barrels last week and distillate inventories increased…
- Gold fell amid anticipation of the future of US monetary policy 08:56 am2019-08-22
- Gold prices fell ahead of Federal Reserve Chairman speech 12:08 pm2019-08-21
- Oil prices are rising, Brent is trading above 60 dollar 07:49 am2019-08-21
- Oil prices on Tuesday after sharp gains in the previous session 11:36 am2019-08-20
- Gold prices slightly lower on Tuesday amid trade war developments 09:44 am2019-08-20
- Oil prices rise after Houthi attack on Saudi oil field 11:12 am2019-08-19
- Gold retreats as risk appetite rises early in the week 08:49 am2019-08-19
- Oil rises supported by optimism about trade tensions 09:14 am2019-08-16
- Gold prices fell as trade tensions slowed between US and China 08:39 am2019-08-16