empty
 
 
14.08.2018 11:58 PM
Technical analysis of OIL for August 15, 2018

Oil prices are challenging long-term support trend line and bullish channel. Oil prices are very likely to break the channel and start a move lower towards 60$. Key short-term resistance is at 68.70-69$. As long as the price is below this area we remain bearish.

This image is no longer relevant

Yellow line -long-term support

Green line - horizontal support

The Oil price is challenging recent lows and the long-term bullish channel. A break and daily close below 65.70$ will be a very bearish sign that will make me expect Oil price to move much lower towards 63.50 or even below 60$. Currently, I'm bearish as the price is making lower lows and lower highs.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback