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OIL Technical analysis 16 May 2018

2018-05-16 06:10 am | Resource: Technical Analysis | No Views : 69

Time frame Used - four hours
Oil is moving in a sideway in the near-term
Oil still faces a resistance around level of 71.76 but is still consolidate  above  level of  70.86
  In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery
Accordingly, we expect that the  oil will  breach level of  71.76 higher to target 72.60
The alternative scenario is that  the oil drop below level of  70.33 targeting levels of  69.50 -68.20 again
Resistance: 70.86 - 71.76 - 72.55
Support: 69.50 - 68.20 - 67.09
Direction: sideway
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