Technical Analysis for Crude Oil 4-8-2015

Technical Analysis for Crude Oil 4-8-2015

Oil moved yesterday in the average movement of 184 cents, its highest level at 46.92 and the lowest price at 45.07 and closed at 45.33 to Lose 143 cents during yesterday’s trading according to the economic data.

Oil opened today's trading at 45.82 volatile between 45.26 and 45.56 during the Asian session trading at 30 cents for the poor liquidity in the market range, and in the European session the oil went up to 45.93

Oil moves in a series of down impulse waves after returning to the parallel price channel

We saw the oil achieved our target at 45.40

It is expected that the oil is heading targeting 44.60 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 could see sharp trading because of the economic data from the USA

Support levels: 44.62 and 43.92 and 42.77

Resistance levels: 46.47 and 47.62 and 48.32

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