Oil back to settle below resistance 10/1/2023

US crude oil futures prices reversed the expected bearish trend mentioned in the previous analysis, in which we relied on trading stability at the time of writing the report below the resistance level of 75.60, explaining that if the level mentioned above is breached, oil prices may recover with the first target of 76.60, recording its highest level at 76.70.

Technically, oil’s movements returned once again to settle below 75.60. We find the 50-day simple moving average continuing to put a negative pressure, in addition to the clear negative signs on the stochastic.

We tend to be negative, but with caution, knowing that the decline below 74.10 facilitates the task required to visit 73.60 and then 73.00, respectively, as long as prices are stable below 75.60.

A rise above 75.60 can thwart the suggested bearish scenario, and we may witness a bullish bias, targeting 76.20 initially.

Note: Today, we are awaiting the speech of Jerome Powell, Chairman of the Federal Reserve, and 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: 73.00	R1: 76.20
S2: 71.70	R2: 78.00
S3: 69.90	R3: 79.35