Best Opportunities, Vision and Technical Analysis for The Oil 16 April 2019
2019-04-16 09:04 am | Resource: Technical Analysis | No Views : 315
We offer you oil analysis denominated by US dollar on Tuesday, April 16, 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 fell at the beginning of this week's trading to hit the support level of 63.01 as the bears managed to control the movement of black gold to retreat to the level of support forming a positive candlestick pattern in addition to Touching oil the main upward trend line.
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 test level of 64.45 once again and this scenario fails in case of instability above 63.01 level .
The alternative scenario is that oil drop level of 61.86 dollars.
Looking at the chart, we see that oil is still facing resistance and selling pressure around 64.01 which represents 61% Fibonacci correction.
Buy Oil around current level for targeting 64.45 levels with the activation of stop loss in the case of closure below level of 63.01 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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