OIL Technical analysis 11 January 2019
2019-01-11 12:37 am | Resource: Technical Analysis | No Views : 155
(CURDE OIL - WTI )
Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
Oil continues to perform positively as bulls continue to dominate the oil movement to breach the resistance level of 49.68 to reach the levels of 51.88 - 52.53 where it faces resistance and selling pressure around these levels, to achieve the target oil bullish on the larger picture around the levels of 51.88.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the oil will drop to levels of 49.68 - $ 47.04 again and this scenario will fail if oil breached level of 52.53 to upside.
The alternative scenario is that the oil breached the 53.25 level to upside for targeting levels of 56.00- $ 57.00.
Sell Oil around the current levels 51.88 to 52.53 for targeting level of of 49.68 - 47.04 dollars with the activation of stop loss in the case of the closure of the highest level of 53.25 dollars.
Resistance: 51.88 - 52.53 - 53.25
Support: 49.68 - 47.04 - 44.47
Crude oil prices were trading in the red zone on Thursday, erasing some gains in the previous session as investors looked to the G20 summit in Osaka. Oil rose more than 2% on Wednesday following news of a larger-than-expected drop in US crude inventories reported by the Energy Information Administration (EIA). Data from the Energy Information Administration showed US inventories fell by 12.8 million barrels to 470 million barrels in…
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