Oil touches the first bearish target 9/3/2023

US crude oil futures prices achieved the negative outlook as we expected, touching the first target mentioned in the previous technical report, located at 76.20, recording its lowest level at 76.15.

Technically, oil’s current movements are witnessing stability below the 76.00 barrier, as we find the simple moving averages form an obstacle. The 50-day average meets the resistance of 77.50 and adds more strength to it, coinciding with the continuation of the bullish momentum confining to the short timeframes.

Therefore, the bearish scenario will remain valid and effective, targeting 76.00 as the first target, knowing that the decline below the mentioned level enhances the chances of a decline towards 75.30, the next expected station.

In general, we continue to suggest the bearish daily trend, as long as trading is stable below 77.50, and skipping upwards can thwart our bearish expectations, and oil recovers with an initial target of 78.30.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 76.00	R1: 77.50
S2: 75.30	R2: 78.40
S3: 74.45	R3: 79.05