Oil May Have a Temporary Decline

US crude oil futures prices started the morning session with a bearish bias due to a confrontation with resistance 39.40. The current trading witnessed pressure on the support level of 37.50.

Technically, the RSI indicator has gradually started losing the bullish momentum and stabilizes below the midline 50, in conjunction with the negative features of Stochastic.

We may witness downside movements during the coming hours, the first target of which is 37.10, knowing that breaking the aforementioned level will facilitate the task required to visit 36.55.

Only from the top, and with the price consolidating above 38.80, negates the suggested scenario, and prices regain their rebound towards 40.00 / 39.90.

Warning: US employment data scheduled for today may have an impact on oil movements.

S1: 37.10	R1: 38.80
S2: 36.55	R2: 39.90
S3: 35.40	R3: 40.50