Oil is under negative pressure 14/8/2023

US crude oil futures prices declined after several consecutive sessions of ascending to find a strong resistance level near 83.80. This forced it to trade negatively again, gradually approaching the bearish target published during the previous report 82.00, recording its lowest level at 82.27.

Technically, and upon closer look at the 4-hour chart, we find the price stable below 83.50, achieving a clear breach of the mentioned level and the clear negative signs on stochastic, which gradually loses momentum.

Therefore, we tend to be negative, but with caution, targeting a re-test of 82.00 as a first target and then 81.70. We must pay close attention if the level above is touched due to its relevance to the general trend in the short term, and breaking it forces oil prices to resume the decline, pending touching 81.30 and 80.40 on arrangement.

If the price consolidates above 81.70 and returns to trade above 83.50, oil prices will return to the main bullish trend, with targets starting at 84.20 and 84.85 initially.

Note: the risk level may be high.

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: 81.85	R1: 83.40
S2: 81.30	R2: 84.30
S3: 80.40	R3: 84.85