Thursday, August 16, 2018

USOIL - 17 August 2018


Fundamental Highlights

An improvement in risk appetite and a weaker US dollar is supporting Crude Oil prices. As expected, the price is on its way back to test the $66 level and today's price action will depend on the equity market as we expect it to be positive.

Technical Analysis

Technically, the price is trying to pick up some momentum to fight its way up till the $66 resistance level as the RSI is showing some relative strength bouncing off from oversold conditions while a double bottom pattern seems to be in place.

Support: 64.6 63.5
Resistance: 65.88 68.3

Chart (H1)