OIL Technical analysis 5 December 2018
2018-12-04 11:20 pm | Resource: Technical Analysis | No Views : 50
Oil is moving in a bullish direction in the near term.
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
Gold prices fell on Friday morning as the greenback rallied against most major currencies as traders awaited the Federal Reserve's weekly monetary policy meeting. Ahead of several US economic data later in the day, including retail sales, industrial production, industrial PMI, and PMI. The Federal Reserve is widely expected to raise interest rates by 25 basis points, but contrary to previous forecasts and forecasts, the central bank is unlikely to keep…
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