Technical Analysis of Oil (Alexander Sivtsov)
Oil is traded above the zero mark in the Asian session.
The Brent graph (current price: $ 7053.00 per 100 barrels)
The Brent is traded with a plus during the Asian session.
- Resistance 1: From $ 7200.00 (psychological level)
- Resistance 2: From $ 7245.00 (resistance line of the Up channel on H4)
- Support 1: From $ 6915.00 (MA 200 on H1)
- Support 2: From $ 6800.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings on the charts of H1 and H4 indicate overbought of the instrument. so the reduction in the price of Brent is possible.
The WTI graph (current price: $ 6616.20 per 100 barrels)
The WTI brand is traded above the zero mark during the Asian session.
- Resistance 1: With $ 6727.00 (resistance line of the Up channel on H1)
- Resistance 2: From $ 6800.00 (psychological level)
- Support 1: From $ 6480.00 (January 15 maximum)
- Support 2: From $ 6400.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings on the charts of H1 and H4 indicate overbought of the instrument. That is why one should expect a downward correction in the price of WTI.