Oil hits resistance, negative pressure remains 15/6/2023

Crude oil futures prices declined significantly after failing to stabilize for a long time above the psychological barrier of $70.00, and the intraday movements are witnessing stability near its lowest level during the early trading of the current session, $97.95.

Technically, with the continuation of moving below the simple moving averages, which continues to exert negative pressure on the price from above, this comes in conjunction with breaking 68.80.

From here, the bearish scenario remains valid and effective, targeting 67.15 as a first target. We must pay close attention and monitor the price behaviour around this level due to its importance to the general trend in the short term, and breaking it will extend losses, to be waiting for a visit to $66.30, a next station, and losses may extend later towards 64.70.

Consolidation of the price above 68.80 can postpone the suggested scenario, and oil prices may witness a temporary recovery to retest 69.60.

Note: Today we are awaiting high-impact economic data issued by the US economy “consumer price index” and from the United Kingdom “Bank of England governor’s speech,” and we may witness high volatility at the time of the news release.

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: 67.15	R1: 69.60
S2: 66.30	R2: 71.55
S3: 64.65	R3: 72.10