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Best Opportunities, Vision and Technical Analysis for The Oil 11 April 2019

2019-04-11 09:03 am | Resource: Technical Analysis | No Views : 300

(CURDE OIL - WTI )
We offer you oil analysis denominated by US dollar- on Thursday, April 11, 2019, with the most important forecast for the price of oil denominated by US dollars in the market.
Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
oil chart
Oil is still under pressure and selling pressure around the 64.45 level as black gold failed to breach the resistance level of 64.45 to move higher again.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the black gold will witness a corrective correction to downward to test level of 63.01 - 61.77 dollars and this scenario fails in the case of stability at the highest level 64.45 dollars.
The alternative scenario is that oil is targeting levels of 65.01 - 65.90 dollars.
Big Picture
Looking at the chart, we notice that oil broke through the resistance level around 59.98 dollars which represents 50% Fibonacci correction towards the 64.01 level.
oil daily chart
Recommendation
Sell Oil around 64.45 level for targeting 63.01 - 61.77 levels with the activation of stop loss in the case of closure at the highest level of 64.45 dollars.
Resistance: 64.00 - 65.01 - 65.90
Support: 63.01 - 61.77 - 60.47
Direction: Up
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