Oil is trying to compensate for the losses 7/2/2023

US crude oil futures prices reversed the expected bearish trend published during the previous analysis after prices managed to build on the support of the psychological barrier of 73.00.

Technically, the 50-day simple moving average still constitutes an obstacle in front of the price. But, on the other hand, we find positive crossover signs that started to appear on the stochastic indicator, accompanied by the 14-day momentum indicator’s attempts to obtain positive signals.

There may be a bullish bias during today’s trading session, but with caution, targeting a retest of 76.60/76.50 as a first target before determining the next price destination.

From below, the return of trading stability below 73.60 puts the price under negative pressure, targeting 73.00, and the price behavior should be closely monitored around 73.00, because breaking it leads oil prices to complete the current downside wave, with an initial target around 72.40.

Note: The level of risk may be high and not commensurate with the expected return.

Note: Today, we are waiting for the speech of the “Chairman of the Federal Reserve”, which has a significant impact, and we may witness fluctuations in prices during the issuance of the speech.

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: 73.10	R1: 75.75
S2: 71.40	R2: 76.70
S3: 70.50	R3: 78.40