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The oil prices came under increasing downside pressure on the Iranian deal

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 18, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

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    CL FEB16 Daily 18-01-2016 07-46-34 ص.jpg
    CL FEB 16 has fallen in the beginning of the new week to $28.36 per barrel, after failing to sustain any more above $30 level by the end of last week causing more stop buying orders triggering opening new range of trading below this psychological level.

    After rebounding for trading near $29, CL FEB 16 daily RSI is still referring to existence in its oversold area below 30 reading now 22.901 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having its main line in the oversold region below 20 reading now 19.739 with its signal line which is referring to this same area reading 18.259.

    After implying the Iranian Nuclear deal, CL FEB 16 is now trading between the selling panic force and the need for correction to the upside at least for the principle of "buying on rumors selling on fact".


    Important levels: Daily SMA20 @ $34.35, Daily SMA50 @ $38.10, Daily SMA100 @ $42.07 and Daily SMA200 @ $48.11.

    S&R:

    S1: $28.36
    S2: $26.71
    S3: $25.04
    R1: $32.19
    R2: $34.30
    R3: $36.35

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    walid.s@trade-24.com
    Tel: UK. +44 1138590277
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    http://www.trade-24.com/daily-analysis

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