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Best Opportunities, Vision and Technical Analysis for The Oil 12 April 2019

2019-04-12 01:43 am | Resource: Technical Analysis | No Views : 251

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 chart
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.
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
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
Direction: down
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