Technical analysis of oil (Dani Leviant)
Forex indicators used in Technical analysis: MACD, RSI, Ichimoku Kinko Hyo, Equal-channel, Fibonacci lines, Price Levels.
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Oil quotes remain under pressure from API data on the growth of oil inventories in the US. Earlier it was expected that oil reserves in the United States would decrease, but market expectations didn’t prove, increasing concerns about the growth of supply in the oil market.
Brent brand chart (current price: $ 74.40)
The Brent brand traded with a decrease, limited to Tuesday’s lows.
- Resistance 1: From $ 73.00 (psychological level)
- Resistance 2: From $ 74.00 (psychological level)
- Support 1: From $ 71.00 (psychological level)
- Support 2: From $ 70.50 (technical level)
Computer analysis: Movings Indicators forex Stochastic Oscillator are in the oversold zone, keeping downward dynamics and limiting oversold.
WTI brand chart (current price: $ 67.50)
The WTI mark also remains at the level of opening the day and limited to the lows of the week.
- Resistance 1: From $ 69.50 (technical maximum)
- Resistance 2: From $ 70.00 (psychological level)
- Support 1: From $ 67.50 (psychological level)
- Support 2: From $ 67.00 (psychological level)
Computer analysis: Movings Indicators forex Stochastic Oscillator are in the oversold zone, indicating a limited reduction, but the brand remains at the depend of data on oil reserves in the US.