Technical Analysis of Oil (Alexander Sivtsov)
Oil is trading above the zero mark in the Asian session.
The Brent graph (current price: $ 6285.70 per 100 barrels)
The Brent is trading above the zero mark during the Asian session.
- Resistance 1: From $ 6400.00 (psychological level)
- Resistance 2: From $ 6455.00 (November 8 maximum)
- Support 1: From $ 6100.00 (psychological level)
- Support 2: From $ 6000.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings on the chart of H1 and H4 indicate an overbought of the nstrument. That is why there may be some reduction in the Brent price in anticipation of publication of data on oil reserves in the US.
The WTI graph (current price: $ 5766.90 per 100 barrels)
Brand WTI is trading with a plus during the Asian session.
- Resistance 1: From $ 5900.00 (psychological level)
- Resistance 2: From $ 6000.00 (psychological level)
- Support 1: From $ 5574.10 (November 20 minimum)
- Support 2: From $ 5500.00 (psychological level)
Computer analysis: The Stochastic Oscillator movings on the chart of H1 and H4 indicate the overbought of the instruments, which is why a downward correction of the price of WTI is possible in anticipation of the report on oil reserves in the USA.