Oil Maintains Negative Stability

The technical outlook remains unchanged, and the movements of crude oil futures have not changed little, keeping negative stability.

Technically, with a closer look at the 60-minute chart, we find oil is stable intraday below the psychological barrier resistance level 46.00, which failed to stabilize above it for a long time, and we find the RSI indicator began to gain bearish momentum, stabilizing below the middle line.

We tend to be negative in our trades, but cautiously, knowing that the confirmation of a breach of 45.00 increases and accelerates the strength of the bearish tendency targeting 44.45 and then 43.70 before attempting to rise again.

A reminder that surpassing the upside and rising above 46.20 is able to foil the expected bearish scenario and lead oil to a bullish path, with targets starting around 47.00 and extending to 47.50.

Warning: we are awaiting the report from the International Energy Agency regarding stockpile data today, which may have a significant impact on oil movements

S1: 45.00	R1: 45.90
S2: 44.45	R2: 46.30
S3: 43.70	R3: 46.75