Oil Retest Support

The current movements of US crude oil futures prices are witnessing a downward trend, after several successive sessions of bullishness, approaching the psychological $50.0 barrier.

Technically, the intraday trading remains below 48.80, accompanied by the negative pressure of the 50-day moving average, which is accompanied by the RSI gaining bearish momentum over the short time periods.

From here, the bearish bias is likely today, targeting 47.00 / 46.80 as a first target, knowing that breaking the aforementioned level puts the price under temporary negative pressure targeting 46.20.

Overcoming to the upside and rising again above 48.80 negates the bearish scenario completely, and oil regains its recovery within the official bullish path so that we are waiting for the first target of 50.00.

Warning: The level of risk is high.

S1: 46.80	R1: 48.80
S2: 46.00	R2: 49.90
S3: 44.80	R3: 50.75