Oil is Back to Bearish Trend

US crude oil futures prices were subjected to intense selling during the early trading of the current session after finding a pivotal resistance level around 79.80, which forced it to trade within a bearish trend again.

Today’s technical aspect indicates the extension of the descending wave based on the acceleration of the decline, in addition to the clear negative pressure on the moving average as a result of the short-term average slipping of the long-term moving average.

Therefore, 76.45 broke the support represented by the 38.20% Fibonacci correction as a signal to achieve more losses, waiting for the low price area mentioned during the last analysis, at 73.65, 50.0% correction.

The stability of daily trading below 77.70 is an essential and basic condition for activating the daily bearish trend. Note: The risk level is high.

Note: the level of risk is high.

S1: 75.20	R1: 77.70
S2: 74.35	R2: 79.30
S3: 72.70	R3: 80.20