Crude oil price loses momentum – Analysis - 17-12-2021

Crude oil price reached the thresholds of 73.00 barrier and bounced bearish from there, as it lost the positive momentum and heads to resum the negative trades again, making the bearish bias suggested in the upcoming sessions, and we expect to break 70.85 to open the way to head towards 67.40 as a next negative target.

Therefore, the bearish trend will be expected on the intraday basis, noting that breaching 73.60 will stop the expected decline and lead the price to achieve more gains on the longer term basis.

The expected trading range for today is between 70.00 support and 73.00 resistance.

The expected trend for today: Bearish