4-hour timeframe
Analysis:
Analysis of crude oil for July 14 shows that the price has once again fulfilled the level of R2, but has not managed to gain a foothold above it. The targets for the upward movement are now the resistance levels of R3 - 47.44 and R4 - 48.28, if the price overcomes 46.09. The targets for a new round of downward correction are the levels of 44.74 and 43.90. A new upward trend line has been built, which supports traders to raise and makes purchase orders. The Awesome indicator shows the current upward movement, since the last closed bar is green. OsMA also aims to go up, which indicates the upward character of the movement and in the longer term. The rebound of the price from the level of 46.09 may provoke the resumption of corrective movement.
Trading recommendations:
In the course of the analysis of the movement of oil prices, it can be concluded that now it is possible to consider purchase orders with targets 47.44 and 48.28. Stop-loss is below the nearest support level. When entering the transaction in the profitability of 80-130 points, it is recommended to transfer the open transaction to a breakeven. If the price bounces from 46.09, this will indicate the beginning of the correction, as well as a downward turn of one or both indicators. Tonight, Baker Hughes will publish a report on changing the number of drilling rigs in the US (17-00 GMT). Short positions are not relevant now.
In addition to the technical picture, one should also take into account the fundamental data and the time of their release.
Explanations for illustrations:
Awesome Oscillator - red and green bars in the indicator window.
OsMA - gray bars in the indicator window.
Trend lines are blue lines.
Support and resistance levels are red horizontal lines.
