Oil faces negative pressure 21/9/2022

US crude oil prices failed to achieve the required bullish target during yesterday’s trading session, in which we relied on daily stability above 83.80, touching the stop losses order there, and to remind us that the return of trading stability below 83.80 will immediately stop the attempts to rise. We witnessed a negative trading session with its initial target of 82.80, recorded Its low is 83.04, making up part of the long position.

Technically, and by looking at the chart with a 60-minute chart, we find that the simple moving averages continue the negative pressure on the price from above, and the 50-day average meets around 84.80, adding more strength to it, in addition to the bearish momentum indicator signals and its stability below the mid-line.

From here, and with daily trading remaining below 84.80, the bearish bias is most preferred to visit 82.65. Breaking it will facilitate the task required to visit 81.70 unless we witness any trading above 84.80.

Rising and consolidation above 84.80 postpones the chances of a decline and lead oil prices to retest 85.75.

Note: We await the Fed statement and outlook, followed by a press conference. They have a significant impact, and we may witness high volatility in prices, which requires attention to the upcoming moves so that all scenarios are likely to occur.

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: 82.65	R1: 85.75
S2: 81.30	R2: 87.45
S3: 79.60	R3: 88.75