Technical analysis of oil (Dani Leviant)
Oil remains under pressure, despite data on the reduction in oil reserves in the US, which is due to concerns about increasing oil production.
Brent chart (current price: $ 77.40)
The Brent is traded at the opening level of Thursday, forming a reversal model “head and shoulders.”
- Resistance 1: From $ 78.50 (technical level)
- Resistance 2: From $ 79.20 (Thursday maximum)
- Support 1: From $ 76.50 (technical level)
- Support 2: From $ 76.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings are in the neutral zone after exit from the oversold zone, which may indicate attempts at growth.
WTI chart (current price: $ 66.90)
The WTI brand accelerated the decline, thereby increasing the differential between the Brent brand on increasing oil production in the US.
- Resistance 1: From $ 68.50 (local maximum)
- Resistance 2: From $ 69.00 (psychological level)
- Support 1: From $ 66.50 (technical level)
- Support 2: From $ 66.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings are in the neutral zone, came out of oversold zone, indicating attempts at correction.