Crude Oil Price Forecast Update – 10-05-2024

by Jennifer

Crude Oil Price Analysis

The crude oil price is currently hovering around the $79.60 level, showing attempts to confirm a breach. However, it encounters significant resistance from the EMA50, while stochastic indicators indicate a clear loss of positive momentum.


Considering these factors, there is a likelihood of the resumption of the correctional bearish trend, particularly with the completion of the double top pattern. Our target remains at $77.64. Nonetheless, a breach of $79.80 would invalidate the anticipated decline and pave the way for further gains, with the next major target at $81.50.


Expected Trading Range for Today

We anticipate the trading range for today to be between the support level at $78.00 and the resistance level at $81.00.

Trend Forecast: Bearish

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