Oil Gives Up gains

Negative trading dominated the futures price of US crude oil within the bearish context expected during the previous analysis, touching the first target 44.20 and approaching a few points difference from the second target of 43.70, recording its lowest level during early trading for the current session 43.90.

Technically, we find oil confirmed the breach of the support level of 44.70, which is now turned into a resistance level. This coincides with the obvious negativity on the stochastic indicator.

From here, the bearish bias is likely today, targeting 43.40 / 43.30 as a first target, and breaking it would put the price under strong negative pressure targeting 42.75.

A reminder that the activation of the suggested scenario requires stability below 44.70, and surpassing it upwards will postpone the chances of a reversal, and we witness a slight bullish slope targeting 45.20.

Note: the level of risk may be high today.

Note: Today we are awaiting the report from the International Energy Agency later in today’s session that may have a significant impact on prices.

S1: 45.10	R1: 45.75
S2: 46.30	R2: 46.45
S3: 46.95	R3: 46.20