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OIL Technical analysis 12 October 2018

2018-10-11 11:46 pm | Resource: Technical Analysis | No Views : 64

Time frame Used - four hours
Oil is moving in a bearish direction in the near term
The bears managed to press the oil to drop below level of  70.49 Forming a positive candlestick pattern
  In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area
Therefore we expect that the oil will rebound higher to test levels of 72.21 - 72.73
The alternative scenario is that the oil drop to level of 69.87
Resistance: 72.73 - 74.26 - 75.87
Support: 72.03 - 71.40 - 69.87
Direction: Down
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