Crude Oil Price Faces Significant Declines – Forecast for April 18, 2024

by Jennifer

In the latest price analysis for crude oil, the commodity experienced notable negativity at the close of trading yesterday. This confirmed the breach of the support line of the bullish channel, signaling the onset of a bearish correction following the previous rise observed from $71.35 to $87.80. The next major target for crude oil is anticipated to be around $81.50, with the possibility of further losses extending to $79.60 should this level be breached.

Expectations are leaning towards witnessing continued declines in the upcoming trading sessions. However, a break above $83.90 would interrupt the current correctional bearish trend and pave the way for the price to resume its main bullish trajectory.


The expected trading range for today is projected to be between support at $81.00 and resistance at $84.00.


Overall Trend Forecast: Bearish

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