Sunday, October 14, 2018

USOIL - 15 October 2018


Fundamental Highlights

Oil prices jumped during early Asian session as they picked up momentum after tensions between Saudi Arabia and the US rose. On the other hand, reports stating that South Korea has stopped importing oil from Iran have also provided the black gold more bullish momentum.

Technical Analysis

Oil prices are gaining traction as they found a strong support after retesting the purple trend line which is highly respected till date.The price is currently hovering below the $72 level after hitting $72.70 earlier during the session as the RSI is pointing towards a strong momentum. The next level we will be focusing on is the $73.30 resistance level.

Support: 73 72.73
Resistance: 73.5 74.25

Chart (H1)