Best Opportunities, Vision and Technical Analysis for The Oil 15 April 2019
2019-04-14 10:34 pm | Resource: Technical Analysis | No Views : 63
We offer you oil analysis denominated by US dollar on Monday, April 15, 2019, with the most important forecast for the price of oil denominated by US dollars in the market.
Time frame Used - four hours
Oil is moving in a bearish direction in the near term.
Oil ended the session last week on the retreat as the oil is still facing resistance and selling pressure around the level of 64.45, to managed the bears to push the black gold to retreat to the level of 63.50
In view of the technical indicators
Both the RSI and the Stochastic are indicating to decline of the indicators.
Therefore, we expect that the black gold will witness a corrective correction to downward to test level of 63.01 - 61.77 dollars and this scenario fails in the case of stability at the highest level 64.45 dollars
The alternative scenario is that oil is targeting levels of 65.01 - 65.90 dollars.
Looking at the chart, we notice that oil broke through the resistance level around 59.98 dollars which represents 50% Fibonacci correction towards the 64.01 level.
Sell Oil around current level for targeting 63.01 - 61.77 levels with the activation of stop loss in the case of closure at the highest level of 64.45 dollars.
Resistance: 64.45 - 65.01 - 65.90
Support: 63.01 - 61.77 - 60.47
Gold prices rose on Friday as concerns about growth continued ahead of US GDP data due later in the day. US Futures Contracts US stocks futures settled on Friday as investors halted ahead of GDP data, which is expected to show that the world's largest economy maintained moderate growth in the first quarter. Despite some reassuring data from the United States and China recently, concerns about global growth remain. GDP…
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