- 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
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Current Price: $65.50
Daily High: $65.61
Daily Low: $65.41
Trend: Bearish
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)
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