Crude Oil Made A Minor Correction to The Upside

US crude oil futures prices fell significantly during the last session’s trading, negates the positive outlook, as we expected, in which we depended on the stability of trading above the support level of 45.00, as we indicated yesterday that the return of stability in trading again below 45 delays the chances of rise and leads the price to a temporary downward path targets 43.90 to record a low of 44.70 during early trading for the current session, compensating for part of the long position’s losses.

Technically, oil is now stable below 45.50, as we find the 50-day moving average meeting around the aforementioned level and adding more strength to it. This coincides with the RSI stability below the 50 midline and began to gradually lose the bullish momentum.

Therefore, we tend to be negative in our trading and may witness declines in the coming hours targeting 44.35 and then 33.75, respectively.

On the upside, the stability again above 45.50 will immediately stop the aforementioned re-test scenario, and oil will recover again, with initial targets starting at 45.90 and extending to 46.30. Warning: the expected bearish slope does not contradict the upside slope.

S1: 44.35	R1: 45.90
S2: 33.75	R2: 46.80
S3: 42.80	R3: 47.40