Oil Suffers Huge Losses

US crude oil futures witnessed significant losses within the expected bearish context, exceeding the target published in the previous report at 73.65, recording losses of 10%, touching the level of 67.40.

Technically, it crossed the short-term moving average and the long-term moving average, which supports the continuation of the decline at a rapid pace, in addition to the bearish momentum signs, with confirmation of the breach of the support level that turned into resistance now at 73.65 and the confirmation of breaking 71.30.

Therefore, the bearish scenario will remain the most preferred, provided that the breach of 67.40 is confirmed, and that increases the strength of the current downside wave, to be waiting for a low around 65.00, knowing that breaking the mentioned level extends the losses of the recent downside wave and may touch 64.00.

Trading again above 71.50 postpones the idea of ​​the decline but does not cancel it, and we may witness a retest of 73.65, 50.0% correction, before retracing.

Note: The pivotal levels should be monitored, 70.90 from above and 66.90 from below. The level of risk is high.

S1: 65.00	R1: 73.70
S2: 61.80	R2: 79.30
S3: 56.35	R3: 82.45