OIL Technical analysis 10 January 2019
2019-01-10 12:21 am | Resource: Technical Analysis | No Views : 127
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
Oil prices rose sharply on Tuesday, bolstered by Venezuela's political turmoil, which threatens further supplies to the country. Where fears of a possible recession have eased. Investors expect that supplies will continue to be cut through the rest of 2019. OPEC and its allies plan to hold the next Joint Ministerial Monitoring Committee meeting on May 19 in Jeddah, Reuters reported. OPEC and other countries, including Russia, have agreed to…
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