Crude Oil Price Rebounds, Filling Gap – Today’s Forecast as of April 9, 2024

by Jennifer

In a notable uptick, the price of crude oil has surged to the $87.00 mark, effectively closing the gap that emerged earlier this week. This bullish movement strengthens expectations for a sustained upward trend in the forthcoming trading sessions. Analysts now set their sights on targets ranging from $88.25 to $89.40 following the successful breach of the previous threshold.

The ongoing support from the EMA50 underscores the optimistic trajectory, offering further impetus to the current bullish sentiment. However, market observers warn that a dip below $85.50 could interrupt the prevailing upward momentum, prompting a corrective downturn towards the support line of the bullish channel, positioned around $83.05, before any potential resurgence.


At present, the projected trading range spans between the support level at $85.50 and the resistance level at $88.60, reflecting the prevailing market dynamics.


Trend Outlook: Bullish

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