Oil Touching The Target And We May Witness a Temporary Decline

US crude oil futures prices succeeded in achieving the second target required to be touched during the previous session, at a price of 66.70, to record its highest level at 66.73.

Technically, the published resistance levels, were able to limit the bullish bias, which forced the price to negatively trade, to retest 64.90.

Looking at the 60-minute chart, we find the RSI indicator started losing the bullish momentum over the short time intervals, in addition to trading remaining below the resistance level of 66.30.

Consequently, we may witness a bearish bias during the coming hours, knowing that the confirmation of a breach of 64.90 will pressure the price to visit 64.50 and then 63.80, respectively.

From the top, a rise again above 66.35 and then 66.70 will immediately stop any attempts to descend, and we may witness control of the official bullish path with initial targets starting at 67.45 and extending to 68.00.

S1: 64.85	R1: 66.70
S2: 63.60	R2: 67.30
S3: 63.00	R3: 68.55