Best Opportunities, Vision and Technical Analysis for The Oil 12 April 2019
2019-04-12 01:43 am | Resource: Technical Analysis | No Views : 251
(CURDE OIL - WTI )
We offer you oil analysis denominated by US dollar- on Friday, April 12, 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 bearish direction in the near term.
Oil ended yesterday's session on decline as the selling force managed to push the black gold to drop to 63.29 level, as Oil is still facing resistance and selling pressure around 64.45 level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold 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.
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.
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: 64.45 - 65.01 - 65.90
Support: 63.01 - 61.77 - 60.47
Oil prices fell on Friday to extend losses from the previous session as investors worried about slowing economic growth and growth in demand. Despite fears of a looming recession, Fed officials remain divided over whether the economy needs further rate cuts. Meanwhile, bears rely on increased US crude production to continue offsetting supply disruptions or a sudden rise in demand. Brent crude futures in the intermediate and global WTI are…
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