Oil: Bearish Correction Tendency

Negative trades dominated the movements of US crude oil futures within the bearish corrective tendency indicated during the last report, exceeding the first required target of 81.50 to record the lowest price of 81.07.

Technically, we tend to be negative, relying on the breach of the ascending support line, in addition to the negative signals coming from the RSI and its gaining bearish momentum.

Therefore, we maintain our negative expectations, targeting 81.00, considering that the breach of the mentioned level will extend oil losses paving the road to visit 80.10 and extend later towards 79.45.

Breaching the resistance level of 82.90 will negate the above-suggested scenario, and we may witness a return to dominating the official bullish trend again, with a target of 84.00/83.90.

S1: 81.00	R1: 82.90
S2: 80.10	R2: 83.90
S3: 79.45	R3: 84.80