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Best Opportunities, Vision and Technical Analysis for The Oil 20 March 2019

2019-03-20 09:56 am | Resource: Technical Analysis | No Views : 133

Time frame Used – 60 min
Oil is moving in a sideway direction in the near term.
oil chart
The purchasing power managed to push the oil to the level of 59.60 as oil faced resistance and selling pressure around this level to reach oil levels of 58.65
In view of the technical indicators
Both the RSI and the Stochastic are indicating to decline of the indicators.
Therefore, we expect that the oil will fall back to 58.00 - 57.87, and this scenario fails in case of stability above level of 59.12 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  59.12- 59.57, With the activation of stop loss in case of closure below the level of 57.87.
Resistance: 59.12 - 59.83 - 61.20
Support: 57.78 - 54.91 - 53.04
Direction: sideway
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