Oil continues to achieve losses 17/11/2023

US crude oil futures prices experienced significant losses in line with the anticipated negative outlook, reaching the specified official targets at 74.10 and marking its lowest point at $72.22 per barrel.

Technically, the pressure from the simple moving averages persists from above, reinforcing the potential continuation of the current downward trend. The Relative Strength Index (RSI) further substantiates the defense of this bearish momentum.

As long as trading remains below 73.30, the likelihood of the downward trend persists. A breach below 72.00 would intensify and accelerate the strength of this downward movement, potentially paving the way for a visit to 71.30 as the initial station. Subsequent targets on the downside may extend towards 69.60.

On the contrary, a breakout and consolidation above 73.75 have the potential to entirely disrupt the bearish scenario, signaling a recovery in oil prices and setting the stage for an initial move towards 75.60.

Caution is advised: The risk level remains elevated.

Warning: Continued geopolitical tensions heighten the overall risk, and the market may experience increased 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: 71.30	R1: 75.60
S2: 69.55	R2: 78.30
S3: 66.90	R3: 80.00