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OIL Technical analysis 19 September 2018

2018-09-18 11:21 pm | Resource: Technical Analysis | No Views : 49

Time frame Used - four hours
Oil is moving in a sideway  direction in the near term
OIL CHART
The purchasing power managed to control the movement of oil to hit around  levels of  70 where it faced selling pressure around this level
  In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of  the indicators
Therefore, we expect that the oil will drop to level of  68.52
The alternative scenario is that the oil breach the 70.42 level to test the 71.44 level
Resistance: 69.53 - 70.42 - 71.44
Support: 68.52 - 67.33 - 66.09
Direction: sideway
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