Crude oil price draws negative pattern – Analysis - 14-12-2021

Crude oil price continued to decline to settle at the key support 70.85, and by taking a deeper look at the chart, we find that the price forms double top pattern that its confirmation line located at the mentioned support, which means that breaking it will put the price under negative pressure that targets visiting 67.40 level direct.

On the other hand, the EMA50 attempts to protect the price from achieving more decline, besides witnessing oversold signals through stochastic.

Therefore, this contradiction between the technical factors makes us prefer to stay aside until the price confirms its situation according to 70.85 level, noting that consolidating above it will lead the price to resume the bullish wave that its next target located at 73.60.

The expected trading range for today is between 69.40 support and 72.50 resistance.

The expected trend for today: Neutral