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US crude oil futures prices succeeded in achieving our bearish target published in the latest analysis, at 80.80, recording its lowest level at 80.20.
Technically, by looking at the 4-hour chart, we notice that the RSI continued to gain bearish momentum, accompanied by the negative pressure of the simple moving averages that puts pressure on the oil.
Therefore, the bearish bias is more likely today, towards the bearish target of 80.00, considering that the decline below the mentioned level extends oil losses, opening the door for 79.00 and 78.60, respectively.
Activating the bearish scenario suggested above depends on the price remaining below the broken support level, which has now turned into a resistance level of 82.40/82.30.
| S1: 80.00 | R1: 82.10 |
| S2: 79.00 | R2: 83.25 |
| S3: 77.90 | R3: 84.20 |
