OIL Technical analysis 9 January 2019
2019-01-09 12:00 am | Resource: Technical Analysis | No Views : 199
(CURDE OIL - WTI )
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
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…
- Gold fell from highest level in six years and higher futures contracts 12:18 pm2019-06-26
- Oil rises after a report on a strong decline in US crude inventories 08:45 am2019-06-26
- Crude oil prices rise Concerns about the output reduction agreement 11:58 am2019-06-25
- Gold tread price is up to its highest level since 2013 08:48 am2019-06-25
- Gold is trading near highest level in six years as tension continues 11:48 am2019-06-24
- Crude oil prices rise as tensions rise in Middle East 08:44 am2019-06-24
- Oil prices extend gains as Middle East tensions continue 10:59 am2019-06-21
- Gold heading for best weekly performance in more than three years 09:02 am2019-06-21
- Oil jumps more than 2 percent after Iran dropped a US drone 11:43 am2019-06-20