Oil Continues to Suffer Losses

US crude oil futures prices suffered strong losses during the previous session’s trading within the bearish path, as we expected touching our target of 59.40, recording the lowest price of 57.23.

Technically, with oil confirming the breach of the support level of 59.40 / 59.10, which has now been converted into resistance, in addition to the RSI gaining strong bearish momentum.

Consequently, the bearish inclination will remain valid and effective targeting 56.20 the first target, and then 55.70 official stations. To remind you that trading remaining below 59.40 conditions is essential to activate the bearish scenario.

Note: Today we are awaiting the report issued by the International Energy Agency on oil inventories, and we may witness high volatility in prices.

S1: 56.20	R1: 60.30
S2: 54.70	R2: 62.85
S3: 52.15	R3: 64.40