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OIL Technical analysis 19 June 2018

2018-06-19 01:01 am | Resource: Technical Analysis | No Views : 31

Time frame Used - four hours
Oil is moving in a sideway direction in the near term
The selling force managed to control the movement of oil to breach the resistance level of  65.93 down to reach support level of  63.37 to bounce again to touch the lower of the up channel
  In view of the technical indicators
Both the RSI and the Stochastic are indicating to a decline in indicators
Accordingly, we expect that  oil will  retreat to the level of 64.53 - 63.37
The alternative scenario is that  oil target level of  65.93 - 66.50 - 67.10
Resistance: 65.00 - 65.93 - 66.50
Support: 64.53 - 63.00 - 62.50
Direction: sideway
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