Oil is trying to recover its losses 6/1/2023

Mixed trading tended to limited positivity, dominating the prices of US crude oil futures contracts, trying to compensate for part of its losses, recording a high of 74.88.

Technically, upon closer look at the chart, the simple moving averages continue to exert negative pressure on the price from above. Still, positive signs are starting to appear on the stochastic.

The daily trend is still bearish, but we may see a bullish bias in the coming hours; its objective is to retest 75.40 as a first target, and breaching the mentioned level may extend the gains towards 76.30

The bullish bias does not contradict the bearish daily trend, whose official targets are around 71.70 once 73.00 is broken.

Note: Today, we are awaiting high-impact data from the United States of America, “American jobs data, average wages and unemployment rates,” and we may witness high volatility at the time of the news.

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: 73.05	R1: 75.40
S2: 71.80	R2: 76.35
S3: 70.70	R3: 77.80