Chart of the day- OIL (09.08.2022)

Late tonight, the API report on oil inventories will be released, which may have an impact on the black gold prices. From the technical point of view, the price of crude oil has recently been moving lower. Looking at the H1 interval, the latest correction hit the key resistance at $96.70 per barrel. This level was tested yesterday, and sellers become more active today. The aforementioned resistance is marked with the upper limit of the 1: 1 structure, local bottom from July 25 and the downward trendline. As long as price sits below, continuation of the declines is the base case scenario. Nearest support to watch is located around $93.20 per barrel. On the other hand, if buyers manage to regain control, then upward impulse towards next resistance at $98.40 per barrel may be launched. Only its negation could change the sentiment to bullish.

Source: xStation5