Technical Outlook For Oil 1-9-2015

Technical Outlook For Oil 1-9-2015

Technical Outlook For Oil

Crude Oil moved yesterday in the average movement of 571 cent, its highest level at 49.29 and the lowest price at 43.58 and closed at 47.85 to gain 318 cent during yesterday’s trading according to the economic data.

Oil opened today's trading at 47.73 volatile between 48.13 and 47.20 during the Asian session trading at 108 cent for the poor liquidity in the market range.

Oil moves in a series of down impulse waves, and now moves after breaking channel.

We saw the pair achieved our target at 45.85

It is expected that the oil is heading targeting 49.50 as the target on time frame of four hours, and until now we see the bulls control on market direction

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

Today we are looking for Economic data from usa like ism manufacturing pmi at 14.00 GMT.

Support levels: 44.52, 41.19 and 38.81

Resistance levels: 50.23, 52.61 and 55.94

Technical Outlook FxStations