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OIL Technical analysis 9 August 2018

2018-08-08 11:10 pm | Resource: Technical Analysis | No Views : 130

Time frame Used - four hours
Oil is moving in a sideway direction in the near term
The selling force was able to control the movement of oil to drop the oil once again to the support level of 66.30 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 the oil will  test levels of  67.54 - 69.22 again
The alternative scenario is that the oil violated  level of 66.30 down to target the level of 64.84
Resistance: 67.54 - 69.26 - 70.42
Support: 66.30 - 64.84 - 63.49
Direction: sideway
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