Crude Oil May Witness a Temporary decline

US crude oil futures prices continue to climb to the upside, recording its highest level during the previous trading session at 69.38.

Technically, the current movements are witnessing a slight bearish bias, with the beginning of negative signs appearing on the stochastic indicator, coinciding with the stability of trading below the resistance level of the psychological barrier 69.00.

Therefore, we believe that there is a possibility of a bearish bias in the upcoming hours, with the aim of retesting 68.10, knowing that breaking the mentioned level puts the price under temporary negative pressure to visit 67.50.

Trading again above 69.00 and most importantly 69.30 is able to thwart any attempts to decline and lead oil to the official bullish track, with an initial target of 70.00.

Note: We are awaiting the US jobs data during today’s session and we may witness high volatility in prices.

S1: 68.10	R1: 69.30
S2: 67.50	R2: 70.00
S3: 66.90	R3: 70.50