country flagالعربية

Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

2019-04-16 11:14 pm | Resource: Technical Analysis | No Views : 525

We offer you oil analysis denominated by US dollar on Wednesday, April 17, 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 sideway direction in the near term.
The purchasing power managed to push oil higher to close at the end of trading today, rising to hit the resistance level of 64.45 again as we mentioned in the previous report.
In view of the technical indicators
Both the RSI and the Stochastic are indicating improved performance of the indices.
Therefore, we expect that the black gold will face resistance around the level of 64.45 dollars to decline to the level of 63.63 again and this scenario fails in the case of stability at the highest level of 64.45 dollars
The alternative scenario is that oil is breaching 64.45 level to hit the levels of 65.01 - 65.90.
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.
Sell Oil around current level 64.45 for targeting 63.63 levels with the activation of stop loss in the case of closure above level of 64.45 dollars.
US oil inventories will be released at 2:30 pm GMT.
Resistance: 64.45 - 65.01 - 65.90
Support: 63.01 - 61.77 - 60.47
Direction: sideway
Technical Analysis
Commodities Analysis
Bitcoin News

Other news

Gold and Dollar stabilized ahead of release of US business results

Gold prices have stabilized as the performance of the dollar stabilized as investors look to US corporate results and will see retail sales in June in the US today. Most US stocks are flat before the profit market After hitting an all-time high the previous day, stocks in the US were flat mostly in the pre-market market on Tuesday as investors awaited a set of corporate profits. Major banks including…

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.