Oil is Witnessing Negative Pressure

Futures prices achieved the target required mentioned in the previous analysis, at 81.30, recording the lowest price of 81.40, within trading that is still mixed.

Technically, the moving averages begin to pressure the price from above, accompanied by negative signs that started to appear on the stochastic indicator.

Although we tend to the negativity, we prefer to wait for the intraday stability to return below 82.70, as a sign to witness a negative session with initial targets around 81.80 and 80.45, respectively, taking into consideration that breaking the latter increases the strength of the bearish correction to be waiting for 79.50.

The return of stable trading and stability above 84.10/83.90 leads oil prices to continue rising, with an initial target of 85.10.

S1: 81.80	R1: 84.15
S2: 80.45	R2: 85.10
S3: 79.50	R3: 86.50