Oil: Negativity persists 17/10/2024

US crude oil futures remain in a downtrend, recording a low of $69.68, approaching the first target of $69.65 per barrel.

Technical Outlook: The bearish double top pattern on the 4-hour chart continues to exert negative pressure on prices. With trading stability below $71.20, the downtrend is likely to persist, targeting $69.65 initially. Breaking below this level could accelerate the downtrend, potentially opening the way towards $68.70.

However, if prices manage to consolidate above $71.20, this would delay the bearish scenario and potentially lead to a temporary recovery, retesting $72.20. Overall, the preference remains bearish as long as prices remain below $72.20.

Warnings:

• High-impact economic data: Key reports from the European Central Bank and U.S. (retail sales and unemployment benefits) are expected today, which may lead to increased volatility in oil prices.
• Risk is high: Geopolitical tensions continue to elevate uncertainty, making various scenarios possible.

Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. The risk level remains high in this market, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.

S1: 69.65	R1: 71.20
S2: 68.85	R2: 72.05
S3: 68.05	R3: 72.80