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OIL Technical analysis 9 November 2018

2018-11-08 11:03 pm | Resource: Technical Analysis | No Views : 133

Time frame Used - four hours
Oil is moving in a bearish direction in the near term
The selling force managed to control the movement of oil to fall to the level of 60.40 It is worth mentioning that the oil is moving within a downward channel to touch the lower boundary from down channel forming a positive candlestick pattern
In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area
Accordingly, we expect that the oil will test the upper boundary of the down channel around level of 62.04
The alternative scenario is that the oil breach the 62.29 level to test levels of  63.08 - 64.16
Resistance: 62.29 - 63.17 - 64.16
Support: 60.40 - 59.90 - 59.00
Direction: Down
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