Crude Oil May Face Temporary Negative Pressure

Positive trading dominated the movements of US crude oil futures prices at the beginning of this week’s trading, recording its highest level at 71.77.

Technically, oil prices found a strong resistance around 71.80, which forced it to trade with temporary negative again. The current moves are witnessing a bearish bias accompanied by the RSI losing the bullish momentum on the short time frames.

This increases the possibility of a slight bearish bias in the coming hours, targeting 70.70, then 70.25, a second target that may extend later to visit 69.70 before attempts to rise again.

Note: The bearish bias does not contradict the general bullish trend, whose official targets start around 72.20 as soon as the breach of 71.70 is confirmed.

S1: 70.70	R1:71.65
S2: 70.25	R2: 72.20
S3: 69.70	R3: 72.65