Oil Looking For a Clearer Direction

US crude oil futures prices succeeded in achieving the negative outlook, as we expected, achieving losses that crossed the 5% barrier, heading towards our target of 46.20.

Technically, the 50-day moving average is pressuring the price from the top and meeting around 47.80 and adding more strength to it. On the other hand, by moving to the 60-minute chart, we find that the RSI indicator is providing positive signals.

The technical signals contradict each other and demonstrate neutrality, in order to maintain the profitability levels achieved yesterday, and to obtain a high-quality deal.

To activate long positions, we prefer confirming the breach of 48.20, which increases and confirms the strength of the downside with the first target of 49.10 and extending to 50.10.

Activating short positions requires us to witness a clear breach of the support level of 46.30, and from here we are witnessing strong negative movements whose initial target starts at 45.30, while the official target is 44.40.

Note: The level of risk is high.

S1: 46.30	R1: 48.20
S2: 45.30	R2: 49.10
S3: 44.40	R3: 50.10