Oil: touches the target and confirms the break 18/11/2022

As we expected, US crude oil futures prices incurred significant losses during the last session’s trading within the negative outlook, surpassing the official target station at 82.10, recording its lowest price at $81.42 per barrel.

Technically, oil confirmed breaking the support level of 82.00, and the current movements are witnessing stability below the mentioned level. We find that the simple moving averages continue their negative pressure on the price from above, supporting the daily bearish price curve.

The expected trend tends to be downward, knowing that trading below 81.50 facilitates the task required to visit the 80.80 and 80.00 targets, respectively, as long as daily trading is stable below 83.70, and in general below 84.70.

Note: The level of risk is high

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: 80.80	R1: 84.80
S2: 79.10	R2: 87.10
S3: 76.80	R3: 88.80