Oil continues bleeding losses 3/5/2023

The US crude oil futures prices incurred significant losses yesterday, recording a low of around $71.47 per barrel.

Technically, and with the regularity of work within the bearish channel shown on the 4-hour chart, in addition to the continuation of the negative intersection of the simple moving averages that pressures the price from above.

From here, with steady daily trading below 72.70, this encourages us to maintain our negative expectations, targeting 70.00 as an initial station, taking into consideration that the infiltration below the mentioned level leads oil prices to more negative pressure, as we are waiting to touch 68.45 as the next target.

Rising again above 72.70 nullifies the activation of the suggested scenario above, and we are witnessing attempts for a temporary recovery with the target of 74.00.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “change in private sector jobs, services PMI, interest rate, Federal Reserve Committee statement and Federal Reserve press conference”, and we may witness high volatility at the time of news release.

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: 70.00	R1: 74.60
S2: 68.45	R2: 77.65
S3: 65.45	R3: 79.20