- The bear flag breakdown seen in the hourly chart indicates a resumption of the sell-off from the recent high of $79.48 and could yield a re-test of the recent low of $71.18.
- The bearish pattern also indicates the oil prices will likely close today below $72.50 (previous day’s doji candle low), confirming a bearish doji continuation pattern.
Hourly chart
-636679995768168363.png)
Current Price: $72.83
Daily High: $73.03
Daily Low: $72.67
Trend: Bearish
R1: $73.76 (July 19 high)
R2: $74.47 (previous day’s high)
R3: $74.76 (100-day MA)
Support
S1: $72.50 (previous day’s low)
S2: $71.18 (July 18 low)
S3: $70.49 (50-day moving average)
Share
