Crude Oil Price Hits Initial Target – Today’s Forecast: May 15, 2024

by Jennifer

In the ongoing analysis of crude oil prices, a discernible bullish bias is observed subsequent to reaching the $77.64 threshold. There is a likelihood of further upward movement towards the $79.60 mark before a potential reversal occurs. It’s noted, however, that conflicting factors may induce lateral trading within the specified range.

Consequently, market observers anticipate a period of sideways movement between the support at $77.64 and resistance at $79.60 in the upcoming sessions. The price’s decisive breach of either of these levels will provide clarity regarding its subsequent direction. A breakdown of the aforementioned support level could extend the bearish trend towards a direct target of $75.25. Conversely, surpassing the resistance is poised to prompt a recovery attempt, aiming to test the pivotal resistance level for intraday and short-term trades at $81.50.


Expected Trading Range

  • Support: $76.80
  • Resistance: $80.00

Trend Forecast: Sideways

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