Crude Oil Price Forecast – May 30, 2024

by Jennifer

Expected Scenario:

Crude oil price experienced a significant downward bounce yesterday, breaking below the key support level at $79.60 and closing the daily candlestick below it. This development indicates the onset of expected negative pressure in the upcoming trading sessions. The initial target for this downward movement is identified at the $77.64 areas.


Expected Outlook:


Today, a bearish bias is anticipated, with a focus on achieving the suggested target. However, the successful breach of the $79.00 level would alleviate the downside pressure and potentially hinder the achievement of the target. It is crucial to note that reclaiming the $79.60 level and holding above it would reactivate the intraday bullish wave, with $81.50 areas being the primary target.

Expected Trading Range:

The expected trading range is between the support at $77.70 and the resistance at $80.60.

Trend Forecast: Bearish

In summary, the crude oil price is poised for a bearish trend, with the potential for further downward movement towards the identified target. Traders should monitor key support and resistance levels for indications of trend reversals.

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