Crude oil price reaches the target – Forecast today - 08-05-2024

Crude Oil Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• Crude oil price resumes negative trading, approaching 77.65$ level
• Waiting to break this level to confirm extending the bearish wave towards 75.25$
• Price affected by previously completed double top pattern and EMA50 pressure
• Breaching 79.60$ will stop the correctional bearish wave and initiate recovery attempts

Crude oil price resumes its negative trading after the rise witnessed yesterday evening, approaching the 77.65$ level. It is waiting to break this level to confirm extending the bearish wave towards 75.25$. The price is affected by the previously completed double top pattern, besides the negative pressure formed by the EMA50.

On the other hand, we should note that breaching 79.60$ will stop the correctional bearish wave and lead the price to start recovery attempts that target testing 81.50$ initially.

Expected Trading Range

1. Support: 76.50$
2. Resistance: 79.50$

Trend Forecast: Bearish