country flagالعربية

OIL Technical analysis 9 January 2019

2019-01-09 12:00 am | Resource: Technical Analysis | No Views : 199

Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
Oil has witnessed  a series of consecutive highs to hit the resistance level of 49.68 as we mentioned in the previous report as it faced selling pressures pushing the oil back down.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of the indicators into the overbought area and the start of the decline below , and The Bollinger Index indicates that prices are unable to touch the upper boundary of the Bollinger Index.
Therefore, we expect that the oil will fall back to the level of 46.10 dollar again and this scenario fails in the case of breaching of oil level of 49.68 dollar, Taking into consideration that the largest picture of oil target level of 51.88.
The alternative scenario is that the oil breached the 49.68 level to upside for targeting the 51.88 level.
Sell Oil around the 48.50 levels for target level of  46.10 dollar with the activation of stop loss in the case of the closure of the highest level of 49.68 dollar.
Resistance: 48.50 - 49.68 - 51.88
Support: 47.04 - 44.47 - 42.60
Direction: Up
Technical Analysis
Commodities Analysis
Bitcoin News

Other news

Oil price fell as traders focused on the G20 and OPEC Plus

Crude oil prices were trading in the red zone on Thursday, erasing some gains in the previous session as investors looked to the G20 summit in Osaka. Oil rose more than 2% on Wednesday following news of a larger-than-expected drop in US crude inventories reported by the Energy Information Administration (EIA). Data from the Energy Information Administration showed US inventories fell by 12.8 million barrels to 470 million barrels in…

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.