Oil Touches Goal For Bearish Corrective Slope

US crude oil futures prices declined remarkably within the bearish corrective slope that tracked it during the previous analysis, touching the first official station 71.35, recording its lowest level at 71.40.

Technically, we tend to the negativity in our trading, relying on confirming the breach of oil to the support level of 73.30, which is now turned into a resistance level, in addition to the negative pressure coming from the simple moving averages.

Thus, confirming the breach of 71.40/71.30 support, which is a vital key to the trend, extending the losses, directly paving the way to complete the decline towards 70.90 and 70.45 respectively, and breaking the latter increases the strength of the bearish corrective slope, so we will be waiting for the next 69.50 official station.

Trading above 73.30 can ultimately thwart the bearish scenario, and oil will recover again to retest 74.00.

S1: 70.90	R1:72.45
S2: 70.45	R2: 73.45
S3: 69.45	R3: 74.00