Technical Analysis for Crude Oil 29-6-2015

Technical Analysis for Crude Oil 29-6-2015

Oil moved last Friday in the average movement of 118 cents, its highest level at 59.94 and the lowest price at 58.76 and closed at 59.57 to Lose Just 7 cents during Friday’s trading.

Oil opened today's trading at 58.78 to make a gap with 78 pips and now the oil is trading around 58.30

Oil moves in a series of up Impulse waves after breaking the continually price form.

It is expected that the oil is heading targeting 57.70 as the target on time frame of four hours and till now we see the Bears control on market direction

And the Relative Strength Indicator "RSI" show us Distribution operations at the market

Today we could see sharp trading because of the economic data from USA

Support levels: 58.91 and 58.24 and 57.73

Resistance levels: 60.09 and 60.60 and 61.72

For More Technical Outlook FxStations