Oil and negative pressure is in place 23/8/2023

Trading tended to be negative, dominating the movements of US crude oil futures within the expected downward track. It gradually approached the first target achieved during the previous report at 79.20, only to record its lowest price at $79.51 per barrel.

Technically, we find the price stable below the resistance level of 80.30, and most importantly its stability below the pivotal resistance located at the price of 80.60, which is accompanied by the continuous negative pressure of the simple moving averages.

From here, with trading steadily below the resistance above, the bearish scenario remains valid and effective, targeting 79.40 and 79.05 targets, respectively, knowing that breaking the latter extends oil’s losses, so we are waiting to touch 78.60 as the next official station unless we witness any trading above 80.60.

We remind you that the price’s consolidation above the resistance level of 80.60 can thwart the suggested bearish scenario, and we are witnessing a retest of 81.10.

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

Note: Today, we are waiting for high-impact economic data issued by the US economy and England, such as “Services and Manufacturing PMI”, and from Canada, later in today’s session, we are waiting for “Retail Sales” in addition to the summit of the “BRICS” group We may witness high price volatility.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 79.40	R1: 80.30
S2: 79.05	R2: 80.70
S3: 78.60	R3: 81.10