Oil loses 4% and the selling pressure continues 27/4/2023

The US crude oil futures prices incurred heavy losses, exceeding the target to be achieved at the price of 76.10, recording its lowest level of $74.10 per barrel.

Technically, with the regularity of work within the descending channel as shown on the 240-minute chart, and with the negative intersection of the simple moving averages, we expect the continuation of the bearish direction’s dominance during today’s session.

We target 73.80 as the first target, and breaking it increases and accelerates the strength of the bearish trend, to be waiting for 73.10 for the next target, and the current downside wave may extend to 71.70.

From above, trading stability will return above the resistance level of 76.10, which can thwart the suggested scenario and temporarily lead the price to recover towards 76.80 & 77.60.

Note: Today we are awaiting high-impact economic data issued by the US economy, the reading of the gross domestic product, and we may witness price fluctuations 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: 73.10	R1: 76.80
S2: 71.70	R2: 79.30
S3: 69.30	R3: 80.65