Oil hits target 18/10/2024

US crude oil futures have successfully reached the first downward target at $69.65 per barrel, recording a low of $69.45.

Technical Outlook: Today’s analysis suggests the potential for the downtrend to continue, with the bearish double top pattern on the 4-hour chart maintaining its negative influence. The downward pressure is also supported by the simple moving averages. As long as trading remains below $71.20, the downtrend is expected to persist, with the next target at $68.70.

If the price stabilizes above $71.20, this would temporarily halt the downward scenario, leading to a possible recovery towards $72.20. However, as long as prices remain below $72.20, the bearish bias holds.

Warnings:

• The Stochastic indicator near overbought areas may cause fluctuations before the market establishes a clearer direction.
• The risk level is high, particularly given current geopolitical tensions, increasing the likelihood of unexpected price movements.

Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. The risk level remains high in this market, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.

S1: 69.50	R1: 71.10
S2: 68.65	R2: 71.90
S3: 67.85	R3: 72.70