Oil Tends to Fall And All Eyes on Inventories

Positive attempts in US crude oil futures prices during the previous session’s trading within the expected bullish path, to settle for recording a high of 62.25.

Technically, oil prices returned to stability below the pivotal resistance 61.30, in addition to stochastic gradually losing its bullish momentum.

We tend to be negative in our trading in the coming hours, targeting a re-test of the psychological barrier of 60.00 a first target, and breaking the aforementioned level puts the price under negative pressure, targeting 59.75 a second target.

A reminder that surpassing the upside and rising again above the 61.30 resistance level and the most important 61.65 delay the chances of a reversal, and we may witness a bullish bias targeting a re-test of 62.30.

Note: The level of risk is high.

S1: 59.75	R1: 62.10
S2: 58.70	R2: 63.30
S3: 57.45	R3: 64.40