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| Technical Analysis for Crude Oil 10-7-2015 |
Oil moved yesterday in the average movement of 212 cents, its highest level at 49.49 and the lowest price at 47.37 and closed at 48.83 to Gain 108 cents during yesterday’s trading according to the economic data...
Oil opened today's trading at 48.81 volatile between 48.70 and 48.97 during the Asian session trading at 27 cents for the poor liquidity in the market range, and in the European session the oil went up to 49.32
Oil moves in a series of up corrective waves after breaking the parallel price channel
It is expected that the oil is heading targeting 50.50 as the target on time frame of four hours to make a little of correction, and until now we see the Bulls control on market direction
And the Relative Strength Indicator "RSI" show us accumulation operations at the market
Today we could see sharp trading because of the economic data from the USA
Support levels: 47.63 and 46.44 and 45.51
Resistance levels: 49.75 and 50.68 and 51.87
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