Oil: negative pressure in place 11/11/2022

Negative trading returned to control the movements of US crude oil futures prices, with the increase in crude oil inventories, as indicated by the report issued by the International Energy Agency last Wednesday, recording its lowest level yesterday at $84.74 per barrel.

Technically, by looking at the 4-hour chart, we find the simple moving averages exerting negative pressure on the price from above and the clear negative signs on the RSI.

From here, with the stability of the daily trading below the resistance level of 87.60, the bearish bias remains the most likely, knowing that the decline below 85.20 is a signal factor in continuing the decline to visit 83.70, and the negative targets may extend later towards 82.60.

Note: The risk level is high.

Warning: Stochastic is trying to get positive signals.

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: 85.20	R1: 87.70
S2: 83.70	R2: 88.80
S3: 82.60	R3: 90.30