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Best Opportunities, Vision and Technical Analysis for The Oil 21 March 2019

2019-03-21 08:17 am | Resource: Technical Analysis | No Views : 162

(CURDE OIL - WTI )
Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
OIL CHART
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.
Big Picture
Looking at the chart, we notice that the oil is facing resistance and selling pressure around 59.98 which represents 50% Fibonacci correction.
OIL DAILY CHART
Recommendation
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
Direction: Up
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