Oil Extends Losses Ahead of Data

US crude oil futures prices continued to extend their losses, as we expected, heading to touch yesterday’s target at 62.40, recording the lowest at 62.43, bullish rebound as a result of building on the support level.

Technically, there is a possibility of some bullish bias on the intraday term due to the 14-day momentum indicator providing positive signs and the moving average’s attempts to push the price higher to compensate for part of the losses.

Therefore, we may witness a retest of 69.60 before attempting to decline again, considering that the suggested bullish intraday bias does not contradict the general bearish trend, whose official targets are around 61.40 once 42.40 is broken.

Note: The risk level is high.

S1: 64.10	R1: 69.60
S2: 60.50	R2: 71.50
S3: 58.60	R3: 75.10