Oil may retest support 8/11/2022

As we expected, US crude oil futures prices jumped at the beginning of this week’s trading within the positive outlook, touching the official target of the previous technical report at 93.60, recording the highest level at 93.74.

Technically, the stochastic has started to provide negative crossover signals, and this comes in conjunction with a gradual loss of the bullish momentum over the short time intervals.

Therefore, we may witness a bearish bias in the coming hours, to retest 90.00 before attempts to rise again, knowing that the bearish bias does not contradict the bullish daily trend, which targets around 95.10 once trading stability returns above 92.80.

Note: the US Congress “House of Representatives” elections is due today and have a high impact and we may witness clear fluctuations in prices at the time the results are released.

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: 90.00	R1: 93.30
S2: 88.60	R2: 95.15
S3: 86.75	R3: 96.60