OIL Technical analysis 11 January 2019
2019-01-11 12:37 am | Resource: Technical Analysis | No Views : 151
(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
Oil prices fell on Monday as Iraqi Oil Minister Thamer Ghadhban described the world oil market as "fragile" and said his country was "confident" the United States would give Iraq a 90-day concession on Iran's oil sanctions. Meanwhile, Saudi Energy Minister Khalid al-Faleh said oil shipping routes should remain open globally because he sees demand for oil to rise sharply this year. Al-Falih added that Saudi Arabia will continue to…
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