Oil extends its losses 28/11/2022

US crude oil futures prices continue to achieve heavy losses within the expected downside path, surpassing the official target required to be achieved during the last analysis at 74.80, recording its lowest level at 73.85.

Technically, the downside wave is still valid and practical, with the continuation of the negative pressure of the 50-day simple moving average, which supports the bearish price curve and confirms the breach of the support level of 75.30.

Therefore, the bearish scenario remains the most likely during the day, knowing that stability of trading below 73.85 increases and accelerates the strength of the bearish trend, paving the way directly towards 72.00/72.10, an initial station whose bearish targets may extend later towards 71.00.

The level of risk is high

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: 72.05	R1: 78.10
S2: 69.90	R2: 82.00
S3: 66.05	R3: 84.10