Oil Continues to Post Losses

Oil fell sharply during the first trading session of this week, heading towards the target published in the previous analysis at 33.40, posting a low of 33.50.

Technically, the intraday trading remains below 35.30, with continued negative pressure from the simple moving averages, in conjunction with the negative signs of the RSI, all of which increases the probability of continuing the decline.

Therefore, we are targeting 33.10 as a first target, and breaking it would put the price under strong negative pressure towards 32.40. Knowing that consolidating below 35.30 and most importantly 35.60 is a prerequisite for activating the bearish scenario.

S1: 33.10	R1: 36.00
S2: 31.80	R2: 37.65
S3: 30.20	R3: 38.80