Crude Oil Price Reaches Target, Forecast for May 13, 2024

by Jennifer

The price of crude oil commenced today’s trading session with additional negative movements, touching the 77.64$ level. Analysts predict a continuation of this downward pressure, aiming to breach this threshold and target further declines toward 75.25$ as the subsequent significant level.

Forecasts suggest that the bearish trend is likely to persist in forthcoming sessions, bolstered by the downward pressure exerted by the EMA50. However, should the price breach 79.60$, it could disrupt the anticipated decline and prompt attempts to reclaim the primary bullish trajectory.


For trading projections on the day, the envisaged range spans between support at 76.40$ and resistance at 79.40$.


Trend Forecast: Bearish

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