OIL Technical analysis 15 January 2019
2019-01-14 11:30 pm | Resource: Technical Analysis | No Views : 137
Time frame Used - four hours
Oil is moving in a bearish direction in the near term.
Oil is still facing resistance and selling pressure around the level of 51.77 to retreat under the pressure of selling down as oil fell in the middle of today's trading to fall nearly from the levels of 50 dollar and also we note that oil is facing the resistance line of the moving average of the indicator of the Bollinger, indicating to confirm the shift to the trend down during the coming period in the near term
In view of the technical indicators
Both the RSI and Stochastic are indicating to decline of the indicators.
Therefore, we expect that the oil will drop to level of 48.42 in a corrective movement to downward, and this scenario would fail if oil breached level of 53.37 to upside.
The alternative scenario is that oil breached level of 53.37 to upside to target levels of 56.00- $ 57.00.
sell oil around the level of 51.00 dollars for targeting level of 48.42 dollars with the activation of stop loss in the case of closure at the highest level 51.77 dollars.
Resistance: 51.77 - 52.15 - 53.37
Support: 49.70 - 48.42 - 45.12
Oil has headed for the longest winning streak in nearly four years in the hope of a supply crisis as US sanctions on Iran resume. Brent crude hit $ 75 a barrel this week and gained almost 3% against gains of more than 1% for New York's WTI crude contracts on its way to record a weekly eighth gain, its longest streak since 2015. Russia begins sending clean oil on…
- Gold rises despite dollar rally 11:58 am2019-04-25
- Oil trading rose with Brent arrival to 75 dollar 09:15 am2019-04-25
- Gold prices settle at four-month low 10:15 am2019-04-24
- Al-Falih: No need to increase oil production immediately and oil recedes 09:16 am2019-04-24
- Gold Falls as Stocks Rise and Dollar Stabilizes 03:12 pm2019-04-23
- Oil continues to rise under the influence of Iranian sanctions 09:28 am2019-04-23
- Gold prices rise amid weak trading 11:52 am2019-04-22
- Oil prices rise 2 percent as Iran oil concessions expire 08:47 am2019-04-22
- Gold ended the week in red with a decline for the fifth day in a row 11:06 am2019-04-19