Technical analysis of oil (Dani Leviant)
Oil quotes remain near the highs, gaining support from the unexpected reduction in oil production in Canada and Libya.
Brent Brand Chart (current price: $ 78.10)
The Brent brand trades at the opening level of the day, limited to yesterday’s high of 78.50 and overbought.
- Resistance 1: From $ 78.50 (technical level)
- Resistance 2: From $ 79.00 (psychological level)
- Support 1: From $ 77.00 (psychological level)
- Support 2: From $ 76.50 (technical level)
Computer analysis: Movings indicators of the forex Stochastic Oscillator are in the overbought zone, indicating a limited growth.
WTI Brand Chart (current price: $ 73.20)
The WTI brand has renewed its high at the beginning of the day on the decline of the American dollar and the remaining optimism on reducing oil reserves in the US.
- Resistance 1: From $ 74.00 (psychological maximum)
- Resistance 2: From $ 74.50 (technical level)
- Support 1: From $ 72.00 (psychological level)
- Support 2: From $ 71.50 (technical level)
Computer analysis: Movings indicators of the forex Stochastic Oscillator are in the neutral zone, forming a correction on maintaining the upward dynamics.
Forex indicators used in Technical analysis: MACD, RSI, Ichimoku Kinko Hyo, Equal-channel, Fibonacci lines, Price Levels.