Crude Oil Starts a Bearish Corrective Slope

Negative trading returned to control the movements of the US crude oil futures contracts within the context of retesting the previously published support, touching the target of the retest 71.10, recording its lowest price at 69.77.

Technically, today we tend to the negativity, relying on the stability of trading below the psychological barrier of 71.00, accompanied by clear negative signs on the RSI and its stability below the mid-line 50.

Therefore, the bearish bias is more preferable today, targeting 69.45/69.40 a first target, taking into consideration that breaking the mentioned level puts the price under negative pressure, paving the way to visit 68.40.

Activating the suggested bearish scenario requires trading to remain below 71.00.

S1: 69.45	R1:72.00
S2: 68.35	R2: 73.40
S3: 66.90	R3: 74.50