Crude Oil: Negativity Persists

The technical outlook is unchanged, and there has been little change in the US crude oil futures within a gradual decline to the downside that dominates USOIL H1 contract, recording its lowest price during early trading for the current session at 51.90.

Technically, with the price succeeding in breaking the support-into-resistance at 52.70, in addition to the negative pressure of the 50-day moving average.

Thus, the bearish bias is likely today, targeting 51.40, a first target, bearing in mind that breaking it extends oil’s losses, targeting 50.75.

Trading again above 52.70 and more importantly, 53.10 negates the suggested bearish scenario, and oil regains its recovery again with the aim of re-testing 54.10.

S1: 51.40	R1: 52.70
S2: 50.75	R2: 53.10
S3: 49.70	R3: 53.80