Oil continues to incur losses 24/11/2022

US crude oil futures prices continued to achieve losses within the expected downside path in the previous analysis, touching the expected target at 78.60, recording its lowest level at 76.85.

Technically, by looking at the 240-minute chart, the simple moving averages still put negative pressure on the price from above, motivated by the continuation of clear negativity features on the stochastic.

Therefore, the bearish scenario may remain the most likely during the day, with trading remaining below the broken support 79.20, knowing that a decline below 76.90 facilitates the task required to visit 75.85, the first target, and the losses may extend later to visit 74.80.

Attempts to consolidate above 79.30 may temporarily lead oil prices to recover to retest 80.20.

Note: The risk level is high.

Note: US markets are on holiday due to Thanksgiving and volumes are light

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: 75.85	R1: 80.95
S2: 73.80	R2: 84.00
S3: 70.75	R3: 86.10