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 is getting cheaper for the third day in a row on the back of an increase in supply in the market.
Brent brand chart (current price: $ 72.40)
Brand Brent is trading at the opening day after yesterday’s decline, which was caused by worsening of concerns over the growth of supply.
- Resistance 1: From $ 73.50 (technical level)
- Resistance 2: From $ 74.00 (psychological level)
- Support 1: From $ 72.00 (psychological level)
- Support 2: From $ 71.50 (technical level)
Computer analysis: Movings Indicators forex Stochastic Oscillator are in the neutral zone, keeping the potential for decline.
WTI brand chart (current price: $ 67.60)
The WTI brand remains under pressure from EIA data, which showed the growth of crude oil reserves in the US.
- Resistance 1: From $ 68.50 (technical maximum)
- Resistance 2: From $ 69.00 (psychological level)
- Support 1: From $ 67.00 (psychological level)
- Support 2: From $ 66.50 (technical level)
Computer analysis: Movings Indicators forex Stochastic Oscillator are in the zone of easy overselling, which can slow down the decline of this brand of oil.