country flagالعربية
0

OIL Technical analysis 16 May 2018

2018-05-16 06:10 am | Resource: Technical Analysis | No Views : 45

Time frame Used - four hours
Oil is moving in a sideway in the near-term
OIL CHART
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
Technical Analysis
Commodities Analysis
Bitcoin News


Other news

Crude Oil Prices Drop After US Stocks Rise

WTI prices stabilized at their lowest levels in two months on Wednesday after data showed an unexpected construction in US crude supplies, while domestic production resumed expansion. On the New York Mercantile Exchange, futures for September delivery fell 3% to settle at $ 65.01 a barrel, while on the London Intercontinental Brent crude fell 2.10% to trade at $ 70.94 a barrel. US crude inventories rose 6.805 million barrels for…

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any doubts.TradingPekk.com does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.