Crude oil bears dominate the scene

<p><strong>By <a href="http://investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a> </strong></p>
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<li>Crude oil under pressure on D1 timeframe</li>
<li>H4 timeframe confirms that bears are in control</li>
<li>Keep eye on Parabolic SAR and MACD</li>
<li>Three potential bearish targets identified on H4 chart</li>
<li>If the 83.94 level broken, H4 bearish scenario invalidated</li>
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<h4>Oil prices remain dominated by bears on the daily timeframe as the global commodity creates a lower top followed by a lower bottom.</h4>
<p>This represents a downtrend that could send prices toward the weekly support level of 80.45. However, bulls have the potential to jump back into the scene by starting a correction wave with their goal none other than the weekly resistance level at 84.47.</p>
<p><img decoding="async" fetchpriority="high" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/CrudeDaily_31102023.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="970c5449-6e78-41a4-85ec-987d62d42877" data-src="/s3-static/users/user17/CrudeDaily_31102023.png" /></p>
<p><strong>The H4 chart confirms that the bears are in charge with a downtrend in progress. </strong>Bulls started a correction wave in the downtrend with both the Parabolic SAR indicator and the Moving Average Convergence Divergence (MACD) oscillator sanctioning this direction.</p>
<p>Attaching a modified Fibonacci tool to a trigger level near the last lower bottom at 81.46 and dragging it close to the top of a large bearish candle at 83.94, three possible targets can be established:</p>
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<h3>The first possible target is at 80.71 (Target 1), just before a weekly support level. This target will help with risk management.</h3>
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<h3>The second price target is likely at 78.72 (Target 2) if the bears can break through the weekly support level.</h3>
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<h3>The third and last price target is feasible at 76.99 (Target 3).</h3>
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<p>If the price at 83.94 is broken, this scenario is no longer relevant.</p>
<p><img decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/CrudeH4_31102023.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="b6723f11-b688-4131-9bb7-4647897cdf62" data-src="/s3-static/users/user17/CrudeH4_31102023.png" /></p>
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<p><img decoding="async" class="size-full wp-image-54242 alignleft" src="https://www.investmacro.com/articles-analysis/wp-content/uploads/2014/07/Forex-Time-Logo.png" alt="Forex-Time-Logo" width="262" height="90" /><strong>Article by <span><a href="https://www.investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a></span></strong></p>
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