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Best Opportunities, Vision and Technical Analysis for The Oil 14 March 2019

2019-03-14 05:16 am | Resource: Technical Analysis | No Views : 109

Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
Oil finally managed to breach the important resistance level of 57.87 to the upside as the bulls managed to control the oil movement to break through trading range to upside.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Accordingly, we expect that the oil will target at  61.20, and this scenario fails in case of  instability above level of 57.87 dollars
The alternative scenario is that the oil drop below at 57.87 again to test levels at 55.50 - $ 54.91.
Big Picture
Looking at the chart, we can see that the oil managed to rebound to the upside accompanied by a positive candlestick pattern for targeting at 59.83 and then at 64.01.
Buy Oil around level of  57.78 for targeting level of  61.20, With the activation of stop loss in case of closure below the level of 57.87.
Resistance: 59.83 - 61.20 - 62.20
Support: 57.78 - 54.91 - 53.04
Direction: Up
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