Oil is Taking Heavy Losses

US crude oil futures prices witnessed heavy losses, exceeding the targets mentioned in the previous analysis at 36.10, recording a low of 34.9.

Technically, trading remained below a previously broken support-into-resistance at 36.60, with the RSI below its 50-midline line, in addition to Stochastic gaining bearish momentum.

Therefore, a bearish bias will be likely today, provided that the breach of 35.50 is confirmed, targeting 34.70 as a first target, followed by 33.40 as a next target.

The return of price stability above 36.60 will negate the bearish scenario, and the price will recover again towards a retest of 37.50.

S1: 34.70	R1: 37.45
S2: 33.40	R2: 38.95
S3: 31.90	R3: 40.20