Oil Technical Analysis (Alexander Sivtsov)
Oil is trading above the zero mark in the Asian session.
Brent (current price: $ 5795.5 per 100 barrels)
Brent is trading above the zero mark during the Asian session.
- Resistance 1: From $ 5891.10 (maximum of September 26)
- Resistance 2: From $ 5930.00 (23.6 level Up of the Fibonacci channel on H4)
- Support 1: From $ 5700.00 (psychological level)
- Support 2: From $ 5664.00 (MA 200 to H1)
Computer analysis: The movings of the Stochastic Oscillator indicator on the price chart of D1 are in the overbought zone. Based on this data, the repetition of Tuesday’s Brent price scenario is expected.
WTI (current price: $ 5225.9 per 100 barrels)
WTI is trading with a plus during the Asian session.
- Resistance 1: From $ 5,290.70 (maximum of September 28)
- Resistance 2: From $ 5400.00 (psychological level)
- Support 1: From $ 5100.00 (psychological level)
- Support 2: From $ 5039.60 (minimum of October 12)
Computer analysis: Just like the Brent, on the D1 chart, the Stochastic Oscillator movings are in the overbought zone. Based on this data, a reduction in the WTI brand price during the Wednesday’s trading is expected.