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Oil, Crude, Technical Analysis

Crude Oil Breaks Support And May Witness a Bearish Corrective Slope

Adel 8 July, 2021 11:30 am Daily Technical Analysis, Technical Analysis

US crude oil futures prices declined significantly in a random context after it failed to maintain trading above the 75.00 level.

Technically, we believe that oil will face a bearish correction based on breaking the support floor of 73.30, accompanied by the clear negative pressure on the simple moving averages.

Therefore, during today’s session, we target further decline to visit 70.65 then 69.20 official stations for the current descending wave.

Trading above 73.30 again is able to thwart the mentioned bearish correction, and we may witness positive movements aimed at retesting 74.45.

Note: The IEA report is due today and could lead to some volatility

S1: 70.65                R1:74.45   
S2: 69.10   R2: 76.60   
S3: 66.80   R3: 78.20    

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