Crude Oil Price Maintains Negative Stability: Forecast Analysis for May 24, 2024

by Jennifer

Recent analysis of the crude oil market indicates a persistent trend of negative stability, as the price remained below $77.64 throughout the preceding trading session. This ongoing trajectory supports the continuation of a bearish outlook both in the intraday and short-term perspectives, with the next anticipated target resting at $75.24.

Technical indicators, notably the EMA50, exert downward pressure on the price, further bolstering expectations for the continuation of the anticipated bearish trend. However, a breakthrough above $77.64 could instigate recovery efforts, potentially targeting initial resistance levels around $79.60.


Market participants are advised to consider the expected trading range, spanning between a support level of $75.60 and a resistance level of $78.60, as they position themselves in response to evolving market dynamics.


Forecast Trend: Bearish

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