Oil: selling pressure remains 17/11/2022

The bearish trend has regained control over the movements of US crude oil futures prices within the bearish technical path, as we expected, approaching by a few pips from the official target of 84.00, recording its lowest level at 84.221.

Technically, with the continuation of the negative pressure coming from the simple moving averages and the negative signs coming from the stochastic on the 240-minute time frame.

This encourages us to keep the bearish scenario, continuing towards the rest of the targets of the previous technical report, on the condition that we witness a break of 84.00, which can reinforce oil’s losses, to be waiting for 83.30 as a first target, and the negative targets may extend towards 82.10.

Activating the suggested bearish scenario requires daily trading to remain below the previously broken support level, which turned into resistance at 86.60.

Crossing to the upside and consolidating the price again above 86.60 will immediately stop the suggested scenario and lead oil prices to compensate for their losses, and we await touching 88.70.

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: 83.30	R1: 86.60
S2: 82.10	R2: 88.70
S3: 80.00	R3: 89.85