Crude Oil Price Forecast for May 28, 2024: Bullish Momentum Continues

by Jennifer

Crude Oil Price Analysis:

The crude oil market has exhibited positive movement in recent sessions, validating the breach of the $77.64 threshold and advancing towards the $79.60 level.


Expected Scenario:


The path appears conducive to further upward movement, with a potential extension of gains up to $81.50 subsequent to surpassing the aforementioned level. Expectations favor a continued bullish bias in forthcoming sessions, reinforced by the presence of the EMA50. However, a consolidation phase around the $79.60 mark may prompt a bearish retracement towards $77.64 initially.

Expected Trading Range:

The envisaged trading range spans between the support level of $78.00 and the resistance level of $81.00.

Trend Forecast: Bullish

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