Crude Oil Facing Selling Pressure

The current movements of US crude oil futures prices are witnessing a bearish tendency after finding a solid resistance level near the psychological barrier of 69.00.

Technically, we tend to the negative side, relying on the clear negative signs on the RSI and its loss of the bullish momentum, in addition to the negative pressure of the 50-day moving average.

Therefore, the bearish bias is likely today, targeting 67.85/67.80, a first target, and 67.35, a second target. Trading below 67.35 increases the strength of the bearish bias so that we will be waiting for 66.50.

On the upside, trading above 69.25 cancels the scenario as mentioned above and will witness a recovery to 70.00.

S1: 67.85	R1: 69.20
S2: 67.35	R2: 70.00
S3: 66.50	R3: 70.60