Crude Oil Price Poised for Further Decline – Forecast for May 7, 2024

by Jennifer

The price of crude oil has recently tested the $79.00 barrier and settled below it, signaling a potential resumption of the bearish trend influenced by the double top pattern observed on the chart. Initial targets for this anticipated decline range from $77.60 to $75.25.

The negative pressure exerted by the EMA50 reinforces the likelihood of the expected downturn, which remains valid as long as the price remains below $79.60.


Expected Trading Range for Today:


Support: $77.00
Resistance: $80.00

The trend forecast for crude oil remains bearish, reflecting the technical analysis and prevailing market conditions.

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