Technical analysis of oil (Dani Leviant)
Forex indicators used in Technical analysis: MACD, RSI, Ichimoku Kinko Hyo, Equal-channel, Fibonacci lines, Price Levels.
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On Wednesday, oil is trading lower on the data of oil inventories growth in the US according to the API. Despite the fact that the growth is insignificant, on the order of 0.038 M barrels per week, this is enough to cause the growth of negative sentiments in the oil market.
Brent brand chart (current price: $ 75.80)
Brand Brent is trading slightly below the opening of the day, remaining under the pressure of an increase in supply.
- Resistance 1: From $ 77.00 (psychological level)
- Resistance 2: From $ 77.50 (technical level)
- Support 1: From $ 75.50 (technical level)
- Support 2: From $ 75.00 (psychological level)
Computer analysis: Movings indicators forex Stochastic Oscillator are in the zone of easy overselling, limiting the potential for decline, but also waiting for data from the EIA.
WTI brand chart (current price: $ 68.50)
The WTI brand is traded in flat after a decline in the API data.
- Resistance 1: From $ 69.50 (psychological maximum)
- Resistance 2: From $ 70.00 (technical level)
- Support 1: From $ 68.00 (psychological level)
- Support 2: From $ 67.50 (technical level)
Computer analysis: Movings indicators forex Stochastic Oscillator are in the neutral zone limiting the decline.