Oil is facing negative pressure 11/10/2023

Mixed trades tended to be negative. US crude oil futures prices dominated, within the expected negative outlook during the previous technical report, approaching the official station of 85.00, recording its lowest level at $85.17 per barrel.

Technically, the 50-day simple moving average meets near the resistance level of 86.80 and adds more strength to it, in addition to the clear negative signals on the Stochastic indicator, which has begun to provide negative signals.

We maintain our negative expectations with the possibility of covering the rising price gap, targeting 85.00 as the first target, breaking it increases and accelerating the expected downward trend as we wait to touch 84.50 and 83.75.

Only from above does trading stabilize again above 87.00. This invalidates the activation of covering the price gap as shown on the chart and leads oil prices to resume upward with targets of 87.50 and 88.30.

Note: Today we are awaiting high-impact economic data issued by the American economy, Producer Price Index and Results of the Federal Reserve Committee Meeting, and we may witness high volatility when the news is released.

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: 85.30	R1: 86.80
S2: 84.45	R2: 87.50
S3: 83.75	R3: 88.35