Technical Analysis for Crude Oil 29-7-2015

Technical Analysis for Crude Oil 29-7-2015

Oil moved yesterday in the average movement of 173 cents, its highest level at 48.41 and the lowest price at 46.67 and closed at 47.67 to Gain 62 cents during yesterday’s trading according to the economic data...

Oil opened today's trading at 47.75 volatile between 47.62 and 47.92 during the Asian session trading at 30 cents for the poor liquidity in the market range, and in the European session the oil went down to 47.40

Oil moves in a series of down corrective waves in a parallel price channel

It is expected that the oil is heading targeting 46.85 as the target on time frame of four hours to make a little of correction, and until 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 the USA

Support levels: 46.75 and 45.84 and 45.01

Resistance levels: 48.49 and 49.32 and 50.23

More Technical Outlook FxStations