Technical Outlook For Oil 26-8-2015

Technical Outlook For Oil  26-8-2015

Technical Outlook For Oil  

Crude Oil moved yesterday in the average movement of 172 cent, its highest level at 39.86 and the lowest price at 38.14 and closed at 38.87 to gain 71 cent during yesterday’s trading according to the economic data.

Oil opened today's trading at 39.57 volatile between 39.75 and 39.02 during the Asian session trading at 73 cent for the poor liquidity in the market range.

Oil moves in a series of down impulse waves inside channel.

We saw the pair achieved our target at 39.70

It is expected that the oil is heading targeting 38.12 as the target on time frame of four hours, and until now we see the bears control on market direction

And the Relative Strength Indicator "RSI" show us distribution operations at the market.

Today we are looking for economic data from usa like Core Durable Goods Orders m/m at 12.30 GMT.

Support levels: 38.05, 37.23 and 36.33
Resistance levels: 39.77, 40.67 and 41.49

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