| Indicator | Value | Signal |
|---|---|---|
| RSI | Buy | |
| MACD | Buy | |
| MA(200) | Neutral | |
| Fractals | Neutral | |
| Parabolic SAR | Buy | |
| Bollinger Bands | Neutral |
Chart Analysis
On the daily timeframe, OIL: D1 formed an upward channel and is correcting upward from the minimum since February 2002. A number of indicators of technical analysis formed signals for the further increase. We do not exclude bullish movement if OIL rises above its last maximum: 30.5. This level can be used as an entry point. The initial stop loss is possible below the Parabolic signal, the last three lower fractals and the minimum since February 2002: 20.5. After opening the pending order, the we move the stop loss following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit / loss ratio in our favor. After the transaction, the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price overcomes the stop level (20.5) without activating the order (30.5), it is recommended to delete the order: market sustains internal changes not taken into account.
Fundamental Analysis
OPEC + countries agreed to reduce oil production. Will OIL quotes grow?