Oil Retests Support, Looking For Momentum

US crude oil futures faced negative pressure after several consecutive sessions of achieving the rise. We indicated during the previous report that the stability of trading below 72.00 increases the possibility of retesting 71.30 before rising again to record the lowest price of 71.30 and return to the bullish rebound and settel above 72.00 for a short time.

Technically, the 50-day moving average still supports the return of the bullish price curve, in addition to the attempts of stochastic to obtain bullish momentum again.

Therefore, the bullish bias is likely today, but with caution, while maintaining the conditions of stability above 71.30 to target 72.80 the first target, and then 73.35.

The bullish scenario depends on the stability of trading above the 71.30 support level. Breaking it will immediately stop the attempts to rise and put the price under negative pressure, waiting for touching 70.75 and 70.20.

Note: the level of risk is high.

S1: 71.45	R1: 72.80
S2: 70.75	R2: 73.35
S3: 70.20	R3: 74.10