Crude Oil Price Approaching Target – May 22, 2024

by Jennifer

Crude Oil Price Analysis:

The price of crude oil is currently on a downward trajectory, nearing the first anticipated target at $77.64. This decline is expected to persist, with further negative pressure likely to drive the price towards the subsequent target at $75.24. The EMA50 (Exponential Moving Average 50) is contributing to this negative pressure, reinforcing the continuation of the suggested bearish wave.


Expected Scenario:


Our analysis suggests that the downward pressure will likely intensify to surpass the $77.64 level, paving the way for a potential decline towards $75.24. It’s important to note that a breach of the resistance level at $79.40 would halt the expected decline and initiate price recovery attempts, initially targeting the $81.50 areas.

Expected Trading Range:

The expected trading range for crude oil is anticipated to fluctuate between support at $76.60 and resistance at $79.60. These levels serve as important reference points for assessing potential price movements within the market.

Trend Forecast: Bearish

Based on the current analysis and prevailing market conditions, the trend forecast for crude oil remains bearish. Traders should monitor price movements closely, especially around key support and resistance levels, to gauge potential trading opportunities.

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