Technical analysis of oil (Dani Leviant)
Oil continued to decline at the beginning of the week due to the risks over increase of oil production in OPEC and the growth of drilling activity in the US.
Brent chart (current price: $ 75.60)
The Brent brand remains under pressure from risks associated with a possible increase in oil production, but is limited to April highs.
- Resistance 1: From $ 76.50 (technical level)
- Resistance 2: From $ 77.00 (psychological level)
- Support 1: From $ 75.00 (psychological level, significant level of April)
- Support 2: From $ 74.50 (technical level)
Computer analysis: The Stochastic Oscillator movings came out of the oversold zone, which may indicate the formation of the day and correction.
WTI chart (current price: $ 66.70)
The WTI brand also remains under pressure, which is exacerbated by the growth of drilling activity in the US.
- Resistance 1: From $ 67.40 (technical level)
- Resistance 2: From $ 68.00 (psychological level)
- Support 1: From $ 66.00 (psychological level, significant level of April)
- Support 2: From $ 65.30 (technical level)
Computer analysis: The Stochastic Oscillator movings are in the neutral zone, thereby indicating the formation of correction.