Oil May Witness a Downward Trend 10/1/2022

Mixed trading dominated the US crude oil futures prices. Still, trades tended to be positive within the expected bullish path, exceeding the required target to touch 80.30, recording the highest level at 80.46.

Technically, by looking at the short time frames, we find that the price is stable below the 79.60 support level, and we also find the 50-day moving average that presses on the price from above and converges around 79.50 and adds more strength, in addition to the RSI losing the bullish momentum, stable below the mid-line.

We may witness a bearish tendency in the coming hours, provided that we confirm breaking 78.00 to target 77.00/77.15 an awaited station, as long as trading is stable below 79.60, knowing that its breach may immediately stop attempts to retreat and lead oil to the official bullish path with targets starting at 80.20 and may extend to visit 81.10,

Note: the level of risk is high.

Note: CFD trading involves risks, all scenarios may occur.

S1: 78.10	R1: 80.20
S2: 77.15	R2: 81.40
S3: 75.95	R3: 82.30