Crude oil price faces solid resistance – Forecast today - 25-04-2024

Crude Oil Price Analysis

• Crude oil price tested the minor support 82.90$ without managing to confirm breaking it, to remain confined between the key levels represented by the mentioned support and 83.90$ resistance, which makes us continue with our neutrality, as the price needs to surpass one of these levels to detect its next destination clearly.

Expected Scenarios

• Note that breaking the mentioned support will push the price to visit 81.50$ again as a first negative target, while breaching the resistance will stop the correctional bearish wave and lead the price to return to the main bullish track again, to head towards achieving gains that start at 85.40$.

Trading Range

• The expected trading range for today is between 81.60$ support and 85.00$ resistance.

Trend forecast: Neutral