Oil Begins to Pressure Support

In the minor bearish corrective context, American crude oil prices witnessed a trading session in the red areas, touching our awaited target of 80.00, recording its lowest level at 79.77.

Technically, by looking at the 4-hour chart, we find the price succeeded in confirming the breach of 81.60 , and the price is still stable below the 50-day moving average.

Therefore, we tend to the negativity, maintaining the negative outlook, knowing that breaking 79.80 will extend the losses. Therefore, we will be waiting for 78.85 and 77.90, initial targets that may extend later below 77.00.

Rising above 81.60 will postpone the bearish scenario suggested above, and in general, the weekly trend is bearish as long as the moves are stable below 82.50/82.40.

S1: 79.80	R1: 81.60
S2: 78.85	R2: 82.50
S3: 77.95	R3: 83.45