Best Opportunities, Vision and Technical Analysis for The Oil 21 March 2019
2019-03-21 08:17 am | Resource: Technical Analysis | No Views : 162
Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
Oil continues to gain further after breaking the resistance level around 57.87 higher as the bulls managed to push oil to the level of 60.26.
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 level of 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 level of 57.87 again to test levels of 55.50 - 54.91.
Looking at the chart, we notice that the oil is facing resistance and selling pressure around 59.98 which represents 50% Fibonacci correction.
Buy Oil around level of 59 for targeting level of 61.20, With the activation of stop loss in case of closure below the level of 58.44.
Resistance: 61.20 - 62.20 - 63.00
Support: 59.90 - 58.44 - 57.87
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