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OIL Technical analysis 21 June 2018

2018-06-21 12:42 am | Resource: Technical Analysis | No Views : 88

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 63.37 to bounce again to touch the lower boundary of the up channel forming a bottom higher than the previous bottom
  In view of the technical indicators
Both the RSI and the Stochastic are showing signs of recovery
Accordingly, we expect that the oil will  target levels of  65.93 - 66.50 - 67.10
The alternative scenario is that the oil retreated  to the level of 64.53 - 63.37
Resistance: 65.93 - 66.50 - 67.10
Support: 64.53 - 63.37 - 62.50
Direction: sideway
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