Crude oil price suffers more losses – Analysis - 08-12-2022

Crude oil price broke 73.64 level strongly and settled below it, reinforcing the expectations of continuing the domination of the bearish trend on the intraday and short term basis, waiting to visit 70.00 as a next main target.

The bearish channel continues to organize the expected bearish wave, supported by the EMA50 that presses negatively on the price, noting that breaching 73.64 might push the price to achieve temporary intraday gains that reach 75.95 areas before any new attempt to decline.

The expected trading range for today is between 70.50 support and 74.00 resistance.

The expected trend for today: Neutral