Oil back to settle below resistance 11/1/2023

Mixed movements are still controlling the prices of US crude oil futures contracts to move in both the bearish and bullish paths without getting a solid directional signal.

The technical outlook remains unchanged, with oil’s stability moving below 75.60. We find the 50-day simple moving average, continuing the negative pressure on the price from above and the clear negative signs on the momentum indicator.

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.

Only from above a rise above 75.60 can thwart the suggested bearish scenario, and we may witness a bullish bias, targeting 76.80 initially.

Note: International Energy Agency report regarding oil stocks is due today, and we may witness high price fluctuations.

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: 73.65	R1: 75.60
S2: 72.80	R2: 76.75
S3: 71.70	R3: 77.60