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  • The downside break of the rising channel seen on the hourly chart adds credence to the bearish (downward sloping) 5-day and 10-day moving averages (MAs) and indicates US oil prices could be headed back to the 200-day MA support, currently seen at $64.75.
  • A daily close above the 10-day MA would abort the bearish view. At press time, the short-term MA is located at $66.30.

Hourly chart

Current Price: $65.50

Daily High: $65.61

Daily Low: $65.41

Trend: Bearish

Resistance

R1: $65.61 (daily high)

R2: $66.00 (psychological hurdle)

R3: $66.36 (Aug. 8 low)

Support

S1: $65.41 (session low)

S2: $64.75 (200-day MA)

S3: $64.45 (Aug. 16 low)