Crude Oil May Witness a Bearish Corrective Slope

Negative trading dominated the futures prices of US crude oil for USOILX1 delivery, a noticeable decline within bearish moves aimed at retesting the pivotal support level 71.00.

Technically, the current movements of oil are witnessing negative pressure as a result of the stability of the intraday trading below the 71.70 resistance level, accompanied by the negative pressure of the 50-day moving average, in addition to the clear negative signs on the RSI and its stability below the 50 mid-line.

Although we tend to have a bearish corrective bias, we prefer confirming the break of 71.00, which facilitates the task required to visit 70.70 and 70.20, respectively.

To remind you that activating the bearish scenario suggested above depends on trading stability below the resistance level of 72.00, and surpassing it upwards will immediately stop the suggested bearish bias, and oil will recover again with a target of 72.70.

S1: 70.70	R1: 71.95
S2: 70.20	R2: 72.70
S3: 69.50	R3: 73.20