Forex Trading Library

Oil (F) 2018-06-20

Technical Analysis

By Rami Abu-Draa Last updated Oct 31, 2021

As we see over the chart

Oil created downtrend channel which if managed to control market more drop yet to come

As long as market holding below resistance 65.80 and 66.40-60 more drop will be expected toward 62.90 zone

Above 66.60 market may heda for farther rebound correction toward 68.50 zone

	Support	Resistance
Level 1	64.00	65.80
Level 2	62.90	66.40-60
Level 3	61.50	68.50

Rami Abu-Draa

Head of Technical Analysis at Orbex, Rami Abu Draa
holds a bachelor's degree in Banking, Finance and Economics. A professional trader and mentor with over 10 years of industry experience, Rami is passionate about sharing his knowledge with Orbex clients from basic to advanced concepts of Technical Analysis, Investment psychology and Investment/Trading methodologies. He is able to combine fundamental and technical principles to deliver a unique perspective on the markets that enables Orbex traders to identify high-probability trading opportunities.

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