Crude Oil Continues to Suffer

A strong bearish trend dominates the prices of US crude oil futures contracts, heading to touch the first goal at 63.00, approaching by a few points at the second target of 62.00, recording a low of 62.40.

Technically, the current moves are witnessing a bullish slope that forced the price to retest 64.00, and with a closer look at the 240-minute chart, we notice that the stochastic is losing the bullish momentum.

From here, and with trading remaining below 64.75, the bearish trend remains valid and effective, targeting 62.70 first target and then 61.55.

Note: The RSI starts to provide positive signals on the short time frames that might push the price to retest 64.75 before trying to descend again, and that does not contradict the daily bearish trend. Note: the daily bearish trend is steadily trading in general below 65.00.

S1: 62.70	R1: 64.75
S2: 61.55	R2: 65.60
S3: 60.70	R3: 66.75