Oil continues to bleed losses 12/6/2023

US crude oil futures prices continue to incur losses within the bearish technical outlook, as we expected, touching the first target at 70.00, and approaching by a few points from the official station at 69.00, recording its lowest level during the early trading of the current session, at $69.33 per barrel.

Technically, the bearish trend is still valid and effective, with the continuation of the negative intersection of the simple moving averages, which continues to exert negative pressure on the price from above, in addition to the stability of the relative strength index below the mid-line 50.

From here, with steady trading below the previously broken support of 70.00, the bearish scenario remains valid and effective, continuing towards the rest of the targets of the previous report, noting that breaking 69.00 facilitates the task required to visit 68.55 initially, and the losses may extend later towards 67.80.

Activating the suggested scenario requires the price to remain below 70.00 and an hourly candle close above it, leading the oil to try to recover temporarily, to retest at 71.55.

Note: The risk level is high, and all scenarios will likely occur.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 68.55	R1: 70.95
S2: 67.75	R2: 72.55
S3: 66.15	R3: 73.40