USOIL,H4
Oil traded over its 50-day moving average of $62.75, so far topping at 2-week highs of $63.37. The contract has been bid-up ahead of today’s meeting between Saudi crown prince bin Salman and president Trump at the White House. Saudi/Iran tensions have been talked up lately, with the Saudi foreign minister on Monday saying the Iran nuclear deal is “flawed”. This comes as uncertainty remains whether or not the U.S. will re-certify the agreement later this year.
Hence,technically -wise, Oil is likely to continues traded in an uptrend, seen since last Wednesday. The positive picture comes as it is traded within the upper Bollinger Bands, above all 3 MAs and currently retesting the 61.8% Fibonacci retracement level since January 25. Hence after breaking the resistance level at $63.30, the next potential retest areas for USoil could be at $63.85, which is at the peaks seen in February and $64.20. Support comes at 50% Fibonacci at $62.15.
Nevertheless, MACD is a Daily basis is at neutral level while RSI is above it. Intra-day momentum indicators however are configurated positively with RSI at 75 and MACD strongly positive. A Crossing of the 50-period MA in the 4-hour chart above 200-period MA could confirm once more a continuation of the upwards momentum for the USoil
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
[ujicountdown id=”Next Webinar” expire=”2018/03/21 11:00″ hide=”true” url=”” subscr=”” recurring=”” rectype=”second” repeats=””]
Andria Pichidi
Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
