Crude oil price forecast update 01-05-2024
Economies.com
2024-05-01 09:26AM UTC
Crude Oil Price Analysis: Expected Scenarios
Crude oil price broke $81.50 level clearly to confirm the continuation of the bearish trend for the rest of the day, waiting to visit $79.60, which represents our next main target, noting that breaking this level will extend crude oil price losses to reach $77.65 on a near-term basis.
- Bearish trend continuation
On the other hand, we should note that breaching $81.50 and holding above it will stop the negative scenario and lead the price to attempt to regain the main bullish trend again.
- Attempt to regain bullish trend
The expected trading range for today is between $79.50 support and $82.50 resistance
Trend forecast: Bearish
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