Technical analysis of oil (Dani Leviant)
Major oil brands began a new week with a decline in the preservation of geopolitical risks in the world and the expectation of production growth in OPEC.
Brent chart (current price: $ 76.40)
The Brent brand is traded at the opening level of the day after a decline on technical factors.
- Resistance 1: From $ 77.50 (technical level)
- Resistance 2: From $ 78.00 (psychological level)
- Support 1: From $ 76.00 (psychological level)
- Support 2: From $ 75.50 (technical level)
Computer analysis: The Stochastic Oscillator movings are in the oversold zone, confirming the market’s unwillingness to new sales.
WTI chart (current price: $ 65.70)
The WTI brand is also traded at the opening level of the day, remaining under the pressure of drilling activity growth in the States.
- Resistance 1: From $ 66.50 (technical maximum)
- Resistance 2: From $ 67.00 (psychological level)
- Support 1: From $ 65.50 (psychological level)
- Support 2: From $ 64.50 (technical level)
Computer analysis: The Stochastic Oscillator movings are in the neutral zone, thus indicating the potential for decline.