Technical analys of oil (Anton Hanzenko)
Oil maintains moderate dynamics after yesterday’s growth on OPEC’s statement regarding the growth in demand.
Brent chart (current price: $ 78.20)
The Brent is trading below the opening day’s level, correcting after the decline.
- Resistance 1: From $ 78.50 (local maximum)
- Resistance 2: From $ 79.00 (psychological level)
- Support 1: From $ 77.50 (technical level)
- Support 2: From $ 77.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings are in the phase of considerable oversold, thereby indicating the ascending dynamics.
WTI chart (current price: $ 70.80)
The WTI brand is also trading downward on correction after growth.
- Resistance 1: From $ 72.00 (psychological level)
- Resistance 2: From $ 72.50 (technical level)
- Support 1: From $ 70.00 (technical level)
- Support 2: From $ 69.50 (psychological level)
Computer analysis: The Stochastic Oscillator movings are in the oversold zone after a slight correction, which confirms the continuation of the uptrend.