Oil: Temporary Negative Pressure, Eyes on Inventory

Crude oil prices were a few points away from the target published in the previous analysis at 43.20, to hit a peak of 43.05.

Technically, oil prices found it difficult to consolidate above 43.00 as the current moves are witnessing a slight slope under pressure from the clear negative signs on the RSI on the short time intervals in addition to the negative pressure of the SMA 50, which meets around 42.30 and adds more strength.

From here, we expect the possibility of a bearish bias in the coming hours, aiming to re-test the support level at 40.80 then 40.50 before attempting to rise again.

Note: The slight bearish bias does not contradict the daily positivity, which is confirmed by the breach of 42.60 targeting 43.10 then 43.70, and the gains may extend towards 44.20.

Note: we are awaiting the IEA oil inventory report, and prices may witness strong fluctuations.

S1: 40.80	R1: 42.60
S2: 40.15	R2: 43.70
S3: 39.10	R3: 44.35