Technical analysis of oil (Dani Leviant)
Oil keeps a downward trend on concerns about increasing oil production in OPEC and the growth of crude oil reserves in the US.
Brent chart (current price: $ 78.50)
The Brent brand accelerated the decline and limited to $ 78.50 per barrel, while maintaining the potential for growth and a two-month uptrend.
- Resistance 1: From $ 79.50 (technical level)
- Resistance 2: From $ 80.00 (psychological level)
- Support 1: From $ 78.50 (technical level)
- Support 2: From $ 78.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings are in the oversold zone, indicating the potential for growth and maintaining the upward dynamics in oil.
WTI chart (current price: $ 70.40)
The WTI is limited to $ 70.50 per barrel, while it is more prone to decline due to the growth of oil reserves in the US.
- Resistance 1: From $ 71.50 (technical level)
- Resistance 2: From $ 72.00 (psychological level)
- Support 1: From $ 70.50 (technical level)
- Support 2: From $ 70.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings are in the oversold zone, thereby limiting downward dynamics.