Crude Oil Prices Dip Below Support Level, Forecast for May 21, 2024

by Jennifer

The landscape of crude oil trading sees a significant development as prices breach a crucial support level. Despite initial attempts to sustain levels above $79.60, crude oil faltered and concluded the daily trading session below this mark. This shift has ushered in an anticipated period of negative pressure in forthcoming sessions, with indications pointing towards a potential test of $77.64 as the next major target.

Analysts warn that a breakthrough below the $77.64 threshold could amplify the bearish sentiment, potentially leading to a further descent towards $75.24 in the near term.


Expected Trading Range

  • Support: $77.50
  • Resistance: $80.50

Trend Forecast: Bearish

As crude oil grapples with this downward trajectory, market participants are advised to remain vigilant, monitoring closely for any emerging trends or shifts in market dynamics that may impact trading strategies.

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