Oil Continues to Face Negative Pressure

US crude oil futures prices witnessed strong losses within the bearish path mentioned in the previous analysis to touch the target of of 37.70, recording a low at 36.97.

Technically, with the regular movement inside the descending price channel on the chart, with continued negative pressure from the SMA 50, which meets around the 38.60 resistance level.

Therefore, the bearish bias will be likely towards the third target of the previous report, 36.70 then 36.10.

Trading above 38.55 negates the continuation of the bearish trend, and we may witness a retest of 36.60 before resuming the decline again.

S1: 36.70	R1: 38.55
S2: 35.90	R2: 39.60
S3: 34.90	R3: 40.40