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OIL Technical analysis 5 December 2018

2018-12-04 11:20 pm | Resource: Technical Analysis | No Views : 208

Time frame Used - four hours
Oil is moving in a bullish direction in the near term.
OIL CHART
The purchasing power managed to control the movement of oil to penetrate the level of 52.50 upside, as we mentioned in the previous report to reach the level of 54.54 where it faced selling pressure around this level to pushed down again below, and remarkable that weakness and control sales still controlling the oil and not being able to reach the target 55.76 dollar.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to decline of the indicator.
Therefore, we expect that the oil will drop to the level of 51.27 dollar and this scenario fails in the case of stability above the level of 52.50.
The alternative scenario is that the oil broke level of 50.00 dollar which by breaking it down will target the level of 47.34.
Resistance: 53.50 - 54.50 - 55.76
Support: 52.50 - 50.00 - 48.50
Direction: Up
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