Current price: 73.45
Key point: 75.75
Our preferred direction: Sell positions below 75.75 levels with 71 as the first target and then 67 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 75.75 level, targeting the 78 levels.
Technical commentary
Oil is still in its downward movement, achieving a decline during yesterday's trading of about 1.50%. After the price breaks and stabilizes below the levels of 76.30-75.75 and below the upward trend, it is expected that the decline will continue to the levels of 71.00.
The next support levels at 71-67 will be a good opportunity for oil prices to rise again.
