Oil

[Gamabunta]

It enables the price of oil from touching our goal expected yesterday at 51.10 and bounced up strongly from there, to being a test of the barrier resistance formed at the level of 53.30 after a pre-break, which shows the importance of these two levels in determining the point of the following main price, as the break of the support 51.10 would extend losses oil to reach 48.40 areas initially, while the penetration resistance 53.30 will lead to price corrective attempts to stop the current bearish wave and then gains start at 55.50 then 58.20.

[ng1985]

pair- oil
time fram- m30



technical analysis-

the price is moving below the daily pivot point at 52.31 level and the stoch indicator is also below the 50 level. the price may again falling to the support at 50.40 level but if break resistance trend line at 53.20 then long with profit target at 55.00
good luck.

[Gamabunta]

The price of oil suffered strong losses yesterday to break the barrier of 53.30 and settle with daily closing below it, thus opening the way towards the next correction level, which resides at 51.10, forming a target current bearish wave, which lasts 50 moving average support.

[Gamabunta]

The price of oil approached to re-test the level of 58.18 and bounced down from there, to keep the pressure downward correction in place until now, waiting to test the level of 55.50 initially, with a reminder that the break of this level will provide downside wave to target the level of 53.30 the next major target.

[Gamabunta]

Trading price of oil below the level of 59.35 influenced by the price gap downside that emerged with the opening of trading this week, and since the break this level has been achieved through this gap, we believe that opportunities still exist to restore the rising main direction, provided that maintains price stability above 58.18 , waiting to see positive trading put price above the 59.35 level again.

[Gamabunta]

The price of oil continues to fluctuate at the pivotal support 59.35, and as long as the price is above this level, we will continue tipping upward trend in the coming period, and that the main targets start testing recorded pre-summit at 62.56.

[Gamabunta]

Bounced trading price of oil down after that Price found horizontal resistance subset appear in the image above, where the price moves within a side branch, with a note that the Stochastic up oversold areas in conjunction with the approach of the price of support mentioned sideway range, which supports opportunities for the return of the price to resume the main upward trend, which mainly depends on stability above 59.35 and 58.18 levels.

[Gamabunta]

Keep the price of oil on the stability above the pivotal support 59.35, which represents the first protection factor positive to our expectations as well as the level of 58.18, and get the price on the positive signal provided by stochastic now, which enhances the height opportunities during the coming sessions, pending the achievement of positive targets start at 62.56 and extends to 66.10.

[Gamabunta]

It is necessary to note that the breach of 59.35 will complete the form negative technical combination will threaten the positive scenario and put the price within the path of a new bearish correction.

[Gamabunta]

It showed the price of oil mixed trading yesterday evening to being an attempt to trading without previously minor descending channel breached resistance, but managed to close the daily candle above this resistance and above the barrier of 60.00, to remain opportunities list for the resumption of the overall upward trend, which depends on stability above 58.18.