Crude Oil Benefiting From The Support And Bouncing Back Up

Negative trading dominated the US crude oil futures prices, to decline again, to reach its lowest level at 67.92.

Technically, we tend in our daily trading to the negativity, relying on confirming the breach of 69.20 level, accompanied by the continuation of oil getting negative signals coming from the RSI.

Therefore, the bearish bias is likely today, targeting 67.40/67.20 next official station. Only from the top is the upside move and the price stability above 69.20, and most importantly, 69.50 can thwart the bearish scenario. Hence, we witness a bullish bias that aims to retest 70.50 initially.

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

Oil Fails to Keep Gains

S1: 67.20	R1: 69.50
S2: 66.40	R2: 71.10
S3: 64.75	R3: 71.90