Best Opportunities, Vision and Technical Analysis for The Oil 11 February 2019
2019-02-10 10:12 pm | Resource: Technical Analysis | No Views : 49
(CURDE OIL - WTI )
Time frame Used - four hours
Oil is moving in a bearish direction in the near term.
Oil witness selling pressure pushing it to breach the important support level of 53.37 again, as the oil formed a technical pattern called H&S , to dropped the Oil is down to the level of 51.79, trying to consolidate above this level.
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 oil will target around levels of 50.68 - 50.33 USD again, and this scenario fails in case of stabilize above level of 53.37 USD
The alternative scenario is that the oil retest the 54.50 level.
Sell the Oil around the 53.37 levels for targeting levels of 50.68 - 50.33 With the activation of stop loss in the case of the closure of the highest level of 53.37 dollars.
Resistance: 53.37 - 54.26 - 55.16
Support: 51.79 - 50.33 - 48.29
Oil prices traded on minor changes on Friday as optimism about US-China trade talks and expectations of more stimulus from Beijing helped investors avoid rising crude stocks. Commercial optimism prevails as talks between the United States and China enter a more serious phase. US President Donald Trump is scheduled to meet with Chinese Vice Premier Liu Hee at the White House on Tuesday to reach a trade agreement before the…
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