Oil Tends to Fall And All Eyes on Inventories

US crude oil futures prices succeeded in achieving the second target required to be touched during yesterday’s session at 59.75, posting its lowest level at 58.83.

Technically, oil prices found a strong resistance around 61.00, and the current trading shows stability below the psychological barrier of 60.00, and by looking at the chart, we find the RSI indicator began to gain bearish momentum on short time frames.

From here, the bearish bias is likely today, targeting 58.45 the first target, and then 57.45 the next official stop. The bearish scenario depends on trading remaining below 60.80, and most importantly below 61.15.

Note: the level of risk may be high today and not commensurate with the expected return.

S1: 58.45	R1: 60.80
S2: 57.45	R2: 62.15
S3: 56.15	R3: 63.15