Forex Trading Library

Oil (F) 2018-10-16

By Rami Abu-Draa Last updated Jul 28, 2025

As we see over our previous chart and as we advised yesterday

Market managed to test resistance zone 72.70-80 yesterday where managed to head from there to another dip inside our trading zone

Market still facing main resistance level at 72.70-80 where as long as market holding the daily close below this level the downtrend pressure will extend for more drop

A daily close above 72.80 may activate farther advance toward 75.25

	Support	Resistance
Level 1	71.00	72.70-80
Level 2	70.40	75.25
Level 3	69.50	76.40

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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