Oil: A Bullish Bias Does not Negate bearish Trend

US crude futures declined significantly within the bearish picture, touching the target required during the previous report at 36.65, posting its lowest level at 36.50.

Technically speaking, movements are witnessing a bullish bias as a result of trading above 37.00 with positive signs on the RSI indicator.

We tend towards the positivity with caution over short intervals, with the aim of retesting 38.40 and may extended to 38.70s before retreating again.

It should be noted that the slight bullish bias does not contradict the general bearish trend supported by the negative signs of Stochastic, its targets lie around 36.70.

S1: 36.70	R1: 38.70
S2: 35.60	R2: 39.60
S3: 34.70	R3: 40.70