Oil Continues to Achieve Streak of Gains

US crude oil futures prices succeeded in achieving the scenario of retesting the support, touching our bearish corrective target of 78.00. To remind, we indicated yesterday that trading below 77.75 puts the price under negative pressure to continue the minor bearish correction targeting 76.70, recording the lowest level at 76.55.

Technically, trading is stable below the previously broken support level at 78.00, which is accompanied by clear negative signs on the RSI on the short time frames.

Therefore, we expect more declines to occur during today’s trading session, targeting 75.55, a first target, knowing that breaking the mentioned level will lead the price to visit 74.55.

Activating the proposed scenario depends on the stability of trading below 78.00 and exceeding it upwards leads oil prices to attempts to recover and move within the official ascending path towards 78.80, and gains may extend later towards 80.00.

Note: the risk level may be high today.

S1: 75.55	R1: 78.70
S2: 74.45	R2: 80.80
S3: 72.35	R3: 81.90