Best Opportunities, Vision and Technical Analysis for The Oil 13 March 2019
2019-03-13 05:18 am | Resource: Technical Analysis | No Views : 155
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 .
In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the overbought area.
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.
Sell the Oil around level of 57.00 for targeting level of 54.91 , With the activation of stop loss in the case of closure above the level of 57.87 dollars.
Resistance: 57.87 - 59.21 - 61.20
Support: 54.91 - 53.04 - 51.16
Gold prices rose after the United States dropped an unmanned Iranian aircraft, raising concerns about tensions between the two countries, as well as expectations of a US interest rate cut. Dow reaches 100 points in the futures market on hopes of a rate cut The Dow Jones industrial average jumped more than 100 points on Friday as Wall Street stocks rose in pre-market trading, buoyed by the belief that the…
- Oil prices rice as Iran-US tensions increase in gulf 08:28 am2019-07-19
- Gold prices are stabilizing as US stocks plummet and dollar slides 10:08 am2019-07-18
- Oil prices are stabilizing after a wave of strong declines 08:58 am2019-07-18
- Gold prices fell after Powell talked about cutting interest rates 09:29 am2019-07-17
- US crude stabilized with support from stockpile estimates 08:29 am2019-07-17
- Gold and Dollar stabilized ahead of release of US business results 10:10 am2019-07-16
- Oil stability, Russia and Saudi want closer ties on oil production 09:04 am2019-07-16
- Precious metals prices jump after rumors of Wilbur Ross sacking 10:27 am2019-07-15
- Oil prices slightly lower at the beginning of weekly trading 09:55 am2019-07-15