Crude Oil Price Analysis: Sideways Trend as Key Levels Await – 16-05-2024

by Jennifer

The crude oil price continues to exhibit a bullish inclination, edging closer to the crucial resistance level at $79.60. This level is integral to a sideways range alongside the $77.64 support, indicating an overall sideways bias in intraday trading sessions. The market awaits a decisive breakthrough of either of these levels to determine the next clear direction.

A successful breach of the resistance could trigger further upward momentum, setting sights on $81.50 as the subsequent positive target. Conversely, a breakdown below the support may usher in new downward movements, with $75.25 emerging as a potential near-term target.


Expected Trading Range: The projected trading range is anticipated to span between support at $77.40 and resistance at $80.70.


Trend Forecast: The prevailing trend forecast suggests a sideways trajectory, as the market awaits a breakout from the current range-bound movement, with both resistance and support levels crucial in determining the next significant move.

You May Also Like


Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright – Futures Market, Investment, Trading & News