Crude oil price suffers more losses – Analysis - 01-12-2021

Crude oil price showed new sharp decline yesterday to break 67.40 support line and reach 64.40$ areas, but it bounced bullishly to settle above the mentioned support by today’s open, which hints the price attempt to recover and start bullish wave on the intraday basis.

Therefore, we prefer to stay aside temporarily until the price confirms its situation according to 67.40 level, as consolidating above it will lead the price to achieve additional gains that reach 70.85 on the near term basis, while breaking it and holding below it again will press on the price to target the previously recorded low areas at 61.85.

The expected trading range for today is between 65.50 support and 69.00 resistance.

The expected trend for today: Neutral