Oil tends to fall 23/9/2022

Negative trading has regained control over the price movements of US crude oil futures after it failed to stabilize for a long time above the 85.00 barriers, recording its lowest level at 82.45.

Technically, by looking at the chart, we find the simple moving averages continuing the negative pressure on the price from above, accompanied by a decline in the momentum in the short time frames.

From here, and with the stability of the daily trading below 85.40, the bearish bias is the most preferred today, targeting 82.40 first target, knowing that the decline below the mentioned level increases the strength of the bearish bias, so we are waiting for the next 81.80 official station.

Activating the bearish scenario depends on the price below 85.40, and its breach will immediately stop the expected scenario. As a result, the oil will form a minor upward correction, with its initial target of 87.40.

Note: The risk level is high.

Note: We are awaiting the Federal Reserve’s speech later in today’s session and may witness high price volatility.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 81.80	R1: 85.35
S2: 80.40	R2: 87.40
S3: 78.30	R3: 88.80