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OIL Technical analysis 22 May 2018

2018-05-22 01:10 am | Resource: Technical Analysis | No Views : 33

Time frame Used - four hours
Oil is moving in a sideway in the near-term
OIL CHART
Purchasing power managed to push oil to level of  72.60
  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  test level of  70.33 again
The alternative scenario is that the oil   breach level  of 72.60 to target level  of 73.50
Resistance: 72.60 - 73.50 - 74.50
Support: 71.69 - 70.68 - 70.33
Direction: sideway
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