Oil Start on Positive 16/12/2021

US crude oil futures prices witnessed a mixed trading session, breaking 70.90, to find an acceleration in the pace of decline to visit 69.40, to witness the current movements returning to the bullish slope stable above 70.90 again.

Technically, trading stability is above 70.90, represented by the 61.80% Fibonacci correction, as shown on the chart, which supports the rise, in addition to the positive signals coming from the RSI over the short time intervals.

We may witness a bullish bias in the coming hours, but cautiously, targeting 72.50 first target, and the price behavior of oil should be monitored around the mentioned level due to its importance for the general trend on the intraday basis. Its breach will open the door to 73.65, 50.0% correction.

Trading stability below 70.90 can thwart the current attempts to rise and return oil to the bearish track again, with a target of 70.00 and 69.00, respectively.

Note: The risk level is high

S1: 70.00	R1: 72.55
S2: 68.45	R2: 73.50
S3: 67.50	R3: 75.10