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OIL Technical analysis 18 July 2018

2018-07-17 11:33 pm | Resource: Technical Analysis | No Views : 112

Time frame Used - four hours
Oil is moving in a bearish direction in the near term
OIL CHART
The bears managed to control the movement of oil to break the support level of  67.80 down to reach the support level of  66.67 forming a  positive candlesticks pattern
  In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area
Accordingly, we expect that the oil will  drop to levels of  65.85 - 64.58
Alternative scenario is that the oil test  the level of 67.80
Resistance: 67.80 - 69.38 - 70.26
Support: 66.67 - 65.85 - 64.58
Direction: Down
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