Oil continues to slide 27/9/2022

US crude oil futures prices declined, recording $76.30 per barrel within the strong selling wave that the markets were exposed to at the end of last week’s trading.

Technically, trading stability below 78.00 supports the possibility of a drop, in addition to the negative crossover of the simple moving averages that continue to pressure the price from above and are motivated by the negative signs of the 14-day momentum indicator on the short time frames.

Therefore, the possibility of continuing the decline is still valid, targeting 75.55 first target, then 75.00 next station unless we witness any trading above 79.55.

Note: The risks are high.

Note: Markets are still unstable, and we may see random moves.

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: 75.55	R1: 79.55
S2: 73.90	R2: 81.90
S3: 71.50	R3: 83.50