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Crude Oil Tech Analysis

OIL_Tech -analysis_FXPIG
  • Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart.
  • In reaction to the EIA data, oil lost almost $1 in a few minutes. Oil inventories rose to 5.7M versus 2.43M in the week to November 2 which was seen as very bearish by the market.
  • Oil is now continuing its descent reaching the 61.00 figure. While some consolidation up towards 62.00 can take place the momentum remains clearly to the downside.

Main Trend:              Bearish

Resistance 1:           61.81 April 6 low
Resistance 2:           63.00 figure
Resistance 3:           63.59 June 18 low
Resistance 4:           64.00 figure

Support 1:             61.00 figure
Support 2:             59.95 March 8 low
Support 3:             58.07 February 9 low
Support 4:             55.82 December 7, 2017


Additional key levels at a glance:

GBP/USD

Overview:
   Last Price: 1.3134
   Daily change: 37 pips
   Daily change: 0.283%
   Daily Open: 1.3097
Trends:
   Daily SMA20: 1.2998
   Daily SMA50: 1.3029
   Daily SMA100: 1.3039
   Daily SMA200: 1.3419
Levels:
   Daily High: 1.31
   Daily Low: 1.3021
   Weekly High: 1.3042
   Weekly Low: 1.2696
   Monthly High: 1.326
   Monthly Low: 1.2696
   Daily Fibonacci 38.2%: 1.307
   Daily Fibonacci 61.8%: 1.3051
   Daily Pivot Point S1: 1.3045
   Daily Pivot Point S2: 1.2993
   Daily Pivot Point S3: 1.2966
   Daily Pivot Point R1: 1.3125
   Daily Pivot Point R2: 1.3152
   Daily Pivot Point R3: 1.3204

Source: fxstreet.com

  • Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart.
  • In reaction to the EIA data, oil lost almost $1 in a few minutes. Oil inventories rose to 5.7M versus 2.43M in the week to November 2 which was seen as very bearish by the market.
  • Oil is now continuing its descent reaching the 61.00 figure. While some consolidation up towards 62.00 can take place the momentum remains clearly to the downside.

Main Trend:              Bearish

Resistance 1:           61.81 April 6 low
Resistance 2:           63.00 figure
Resistance 3:           63.59 June 18 low
Resistance 4:           64.00 figure

Support 1:             61.00 figure
Support 2:             59.95 March 8 low
Support 3:             58.07 February 9 low
Support 4:             55.82 December 7, 2017


Additional key levels at a glance:

GBP/USD

Overview:
   Last Price: 1.3134
   Daily change: 37 pips
   Daily change: 0.283%
   Daily Open: 1.3097
Trends:
   Daily SMA20: 1.2998
   Daily SMA50: 1.3029
   Daily SMA100: 1.3039
   Daily SMA200: 1.3419
Levels:
   Daily High: 1.31
   Daily Low: 1.3021
   Weekly High: 1.3042
   Weekly Low: 1.2696
   Monthly High: 1.326
   Monthly Low: 1.2696
   Daily Fibonacci 38.2%: 1.307
   Daily Fibonacci 61.8%: 1.3051
   Daily Pivot Point S1: 1.3045
   Daily Pivot Point S2: 1.2993
   Daily Pivot Point S3: 1.2966
   Daily Pivot Point R1: 1.3125
   Daily Pivot Point R2: 1.3152
   Daily Pivot Point R3: 1.3204

Source: fxstreet.com

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