Best Opportunities, Vision and Technical Analysis for The Oil 7 March 2019
2019-03-07 08:12 am | Resource: Technical Analysis | No Views : 189
(CURDE OIL - WTI )
Time frame Used - four hours
Oil is moving in a sideway direction in the near term.
Oil is moving within a trading range between levels of 57.87 - 54.91 as oil continues to face selling pressure around the resistance level of 57.87 to retreat downwards accompanied by a negative candlestick pattern.
In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
Accordingly, we expect that the oil will test the level of 54.91 and then bounce back again to target the level of 57.87, and this scenario fails in the case of instability above level of 54.91 dollars
The alternative scenario is that the oil is breaking the 54.91 level below to target at 53.04 dollar.
Looking at the chart, we note that oil is still trading above the Bollinger's moving average line and is still consolidating above level of 55.57 dollars.
Buy the Oil around level of 54.91 for targeting level of 57.87, With the activation of stop loss in the case of closure below the level of 54.91 dollars.
Resistance: 57.87 - 59.21 - 61.20
Support: 54.91 - 53.04 - 51.16
Oil prices rose more than 1 percent on Monday after a drone attack claimed by Yemen's Houthi rebels sparked a fire at a Saudi oil and gas field. Saudi Aramco's Shaybah oil facility was attacked by a drone on Saturday, raising tensions in the Middle East. This resulted in a fire but no interruption in oil production or transportation. Iran says it has warned the United States not to seize…
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