Crude Oil Price Under Negative Pressure – Forecast for April 29, 2024

by Jennifer

Today, crude oil prices initiate trading with evident negativity, breaching the critical level of $83.90 and settling below it. This movement signals the onset of a new bearish correction in the forthcoming sessions, with the next primary target identified at the $81.50 mark.

Consequently, the prevailing bias for today leans bearish, unless the price manages to breach the resistance level at $83.90 and sustain its position above it. Such a breach would alleviate the existing negative pressure and potentially prompt the price to make an attempt at regaining the primary bullish trend.


Expected Trading Range:

  • Support: $81.70
  • Resistance: $84.60

Trend Forecast: Bearish

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