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Best Opportunities, Vision and Technical Analysis for The Oil 16 April 2019

2019-04-16 09:04 am | Resource: Technical Analysis | No Views : 366

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.
Big Picture
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
Direction: down
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