Crude Oil And Negative Pressure Still Exists

US crude oil futures prices retreated significantly within the context of re-testing the support published during the previous analysis at a price of 64.80, recording its lowest level at 64.48.

Technically, today we are biased negatively, citing the continuation of oil trading below 65.65/65.70, in addition to the RSI indicator continuing to receive negative signals in the short time periods.

Therefore, we will maintain our negative outlook targeting 64.20 the first target, and breaking it will extend losses, opening the way directly towards 63.60.

As a reminder, activating the bearish scenario depends on trading remaining below 65.65/65.70, and breaching it will immediately stop attempts to decline, and oil will recover again with a target of 66.55.

S1: 64.20	R1: 65.65
S2: 63.60	R2: 66.55
S3: 62.70	R3: 67.20