Technical analysis of oil (Dani Leviant)
The main oil brands closed Tuesday’s trading growth, on optimistic API data and correction after the decline, thus waiting for data from the EIA.
Brent chart (current price: $ 75.60)
The Brent brand is traded with the strengthening on the waiting for data on the US, correcting after the decline.
- Resistance 1: From $ 76.50 (technical level)
- Resistance 2: From $ 77.00 (psychological level)
- Support 1: From $ 74.50 (technical level)
- Support 2: From $ 74.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings are in the zone of strong overbought, thus indicating the market’s unwillingness to correct and maintain the downward sentiment in the market.
WTI chart (current price: $ 65.80)
The WTI brand is also traded with a strengthening on the growth of optimism on the oil market.
- Resistance 1: From $ 66.00 (psychological maximum)
- Resistance 2: From $ 66.50 (technical level)
- Support 1: From $ 64.50 (technical level)
- Support 2: From $ 64.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings are in the zone of strong overbought, thereby indicating the market is not ready for growth.