Crude Oil Losing Momentum

US crude oil futures prices achieved the awaited official target during the previous analysis, at the price of 67.00, recording its highest levels of 67.78.

Technically, oil prices found a strong resistance near 67.30, as we find stochastic started sending negative signals due to entering the overbought intraday area.

Therefore, we may witness a bearish bias in the coming hours to retest 66.00/65.95, an initial target, and the price should be carefully monitored around this level. If the pair clear it, we will witness more negativity towards 65.00.

Skipping the upside and rebounding above 67.40/67.50 61.80% correction will stop the bearish bias immediately, and oil prices will witness a rise to visit 68.00 and 69.00.

Note: The risk level is high. 

Note: IEA figures are due today and may cause volatility.

S1: 65.95	R1: 68.00
S2: 64.80	R2: 69.00
S3: 63.80	R3: 70.10