Best Opportunities, Vision and Technical Analysis for The Oil 18 March 2019
2019-03-18 08:59 am | Resource: Technical Analysis | No Views : 142
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 ,to reach the level of 58.95 where the oil is facing some selling Pressure around this level.
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.
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
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