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Crude Oil Tech Analysis

Author

bily

| Published on

November 7, 2018

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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