Oil Suffers Huge Losses And Negativity Persists

US crude oil futures prices retreated significantly, incurring heavy losses, recording its lowest price, at 58.32. Technically, there is a clear breach of support level 61.10, which is now turned into resistance, in addition to the continuation of the negative pressure from the simple moving averages.

The bearish bias is likely today, bearing in mind that a break of 59.15/59.10 forces oil prices to enter a strong bearish wave, whose initial target is around 56.90/56.80, while the official targets for the current bearish wave at 54.80.

Only from the top, the return of trading to stability once again above 61.10 / 61.20 will immediately stop the bearish scenario, and oil recovers again with the aim of re-testing 63.40.

S1: 65.50	R1: 66.55
S2: 65.00	R2: 67.00
S3: 64.55	R3: 57.60