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Best Opportunities, Vision and Technical Analysis for The Oil 15 April 2019

2019-04-14 10:34 pm | Resource: Technical Analysis | No Views : 350

We offer you oil analysis denominated by US dollar on Monday, April 15, 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 the session last week on the retreat as the oil is still facing resistance and selling pressure around the level of 64.45, to managed the bears to push the black gold to retreat to the level of 63.50
In view of the technical indicators
Both the RSI and the Stochastic are indicating to decline of the indicators.
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.
Sell Oil around current 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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