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Negative trading dominated US crude oil futures, to nullify the positive outlook, as we expected, touching the stop loss order mentioned in the previous analysis.
Technically, the current moves are seeing price stabilize below the support level of 40.00 with the 50-day moving average returning to pressure the price.
Therefore, we believe that there is a possibility of a bearish bias during the coming hours, targeting 39.20, knowing that trading below the aforementioned level is extending oil’s losses to the next stop at 38.50.
On the upside, a return to trade above 40.20 delays the chances of a reversal, and we may witness a re-test of 40.90 before resuming the decline again.
| S1: 39.10 | R1: 40.90 |
| S2: 38.50 | R2: 42.20 |
| S3: 37.30 | R3: 42.70 |
