Crude oil price completes positive pattern – Analysis - 07-12-2021

Crude oil price traded with clear positivity yesterday to move away from 67.40 and completes forming inverted head and shoulders’ pattern that its signs appear on the chart, which leads the price to achieve more expected gains on the intraday and short term basis, and it needs to surpass 70.85 to ease themissoin of heading towards 73.60 as a next positive target.

Therefore, the bullish bias will be suggested in the upcoming sessions, it might be preceeded by some decline affected by the negativity of the technical indicators, taking into consideration that failing to breach 70.85 might press on the price to decline towards 68.85 areas and might extend to 67.40 before any new attempt to rise.

The expected trading range for today is between 68.95 support and 72.00 resistance.

The expected trend for today: Bullish