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OIL Technical analysis 13 March 2018

2018-03-13 12:46 am | Resource: Technical Analysis | No Views : 197

Time frame Used - four hours
Oil is moving in a sideway in the near-term
The purchasing power managed to control the movement of oil to return to the highest technical component (a double bottom) to reach the level of 62.16 accompanied by positive candlesticks indicating the buyer's strength to reach oil level to 62.36 where the oil faced selling pressures and resistance to push down to 60.65 forming a positive  candlestick pattern  
And looking at  the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery
Accordingly, we expect that the oil will  test the level of  62.36 -  63.26 dollar
The alternative scenario is that the Oil will  penetrate the level of 63.26 to target the level of 54.05 - 54.43
Resistance: 62.36 - 63.26 - 64.05
Support: 61.52 - 60.13 - 59.60
Direction: sideway
Technical Analysis
Commodities Analysis

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