Crude Oil: Negative Pressure Persists

The current movements of US crude oil futures are witnessing stable negative trading around its lowest level during early trading for the current session 46.20.

Technically, with the regularity of movements inside the bearish price channel shown on the chart, in addition to oil continuing to get negative signals coming from the RSI.

By trading below 47.20, the bearish scenario remains valid and effective, knowing that trading below 46.20 facilitates the task required to visit 45.60, a 23.60% correction, as a first target, and then 45.30 next stop.

Keep in mind that the confirmation of a breach of 45.30 accelerates and confirms the strength of the bearish trend so that the way is directly open towards 44.30.

Trading again above 47.20 delays the bullish chances, but does not cancel it, and we are witnessing a bullish slope with a target of 48.10

Note: Today we are awaiting the report issued by the International Energy Agency, and we may witness high volatility.

S1: 45.75	R1: 47.20
S2: 45.30	R2: 48.10
S3: 44.30	R3: 48.60