Oil is Facing Temporary Negative Pressure

Negative trading dominated the movements of US crude oil within a slight correction from the upside, a few points difference from the first target to be achieved in the previous session at 44.35, but bottomed at 44.55.

Technically, negative signs are appearing on Stochastic, as oil continues to bear negative pressure from the simple moving average around 45.60 resistance.

Therefore, the bearish scenario will remain valid and effective targeting 44.40 / 44.30, followed by 43.90.

On the upside, stability above the resistance level 45.50 / 45.70 negates the bearish scenario, and oil rebounds from the new to the upside with the first target of 46.20 that may extend to 46.70.

Warning: a simple correction does not contradict the upside.

S1: 44.40	R1: 45.50
S2: 43.90	R2: 46.20
S3: 42.35	R3: 46.70