Oil is retesting resistance 9/1/2023

Trading tended to be positive and dominated the movements of the US crude oil futures contracts within the idea of retesting the resistance level of 75.40, as we mentioned last Friday, recording its highest level at $75.44 per barrel.

Technically, the stochastic started to gradually lose bullish momentum in the 240-minute time frame, stimulated by the price’s stability below the 50-day simple moving average, which constitutes an obstacle.

We tend to be negative, but with caution, depending on the stability of intraday trading below 75.60/75.40, targeting 73.30, unless we witness any trading above 75.60.

From above, it crossed upwards, and the price’s consolidation above 75.60 can thwart the suggested scenario and temporarily lead oil prices to recover, targeting 76.60.

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: 73.50	R1: 75.65
S2: 72.35	R2: 76.60
S3: 71.40	R3: 77.80