Crude Oil May Witness a Slight Bearish Slope

Positive trading continued to dominate the US crude oil futures prices within the positive technical outlook, touching the official target that is required to be achieved at 74.60, recording the highest at 74.55.

Technically, and on the short time intervals, we find negative pressure from the simple moving averages, coinciding with stochastic losing the bullish momentum temporarily.

From here, with stability of intraday trading below 73.70, and most importantly 74.00, we may witness a bearish bias in the coming hours, targeting 72.90 and 72.30, respectively.

Note: the bearish bias does not contradict the general bullish trend, with official targets are located around 75.10, once a breach of 74.30.

S1: 72.90	R1:74.30
S2: 72.30	R2: 75.15
S3: 71.30	R3: 75.75