Crude oil price forecast update 10-05-2024
Economies.com
2024-05-10 10:26AM UTC
Expected Trading Scenarios
- Crude oil price shows negative trades to attempt to return below 79.60$ level.
- This reinforces the expectations of continuing the bearish bias for today.
- The bias is supported by RSI negativity, waiting to open the way to rally towards 77.64$ as a next main target.
- Moving below the EMA50 supports the suggested bearish wave.
- This wave will remain valid unless breaching 79.80$ and holding above it.
Expected Trading Range
- Support: 78.00$
- Resistance: 81.00$
Trend Forecast: Bearish
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