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

2019-04-16 11:14 pm | Resource: Technical Analysis | No Views : 792

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
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