Noor Trends News, Technical Analysis, Educational Tools and Recommendations
After several consecutive sessions of rising during which US crude oil futures prices achieved strong gains that touched 65.45 levels, to find that oil started with a negative bias at the end of last week’s trading, stabilizing below the resistance level of 64.00/64.30.
Technically, by looking at the 60-minute chart, we find that the RSI indicator began to gain bearish momentum on short time frames in addition to the negative pressure of the 50-day moving average.
Therefore, we believe that the bearish bias is likely today, targeting 62.75/62.70 a first target, and breaking it puts the price under negative pressure to complete the bearish bias with the second target of 62.00 and may extend later towards 61.60.
A reminder that the activation of the suggested bearish scenario requires the stability of daily trading below the resistance level of 64.45, and a breach of it could thwart the bearish scenario and lead oil to the official bullish path again towards 65.40 levels.
| S1: 62.75 | R1: 64.45 |
| S2: 62.00 | R2: 65.45 |
| S3: 61.10 | R3: 66.10 |
