Crude Oil Price Gets a Negative Close – Forecast for June 3, 2024

by Jennifer

Crude Oil Price Analysis

Crude oil ended last Friday’s session below the key $77.64 level, reinforcing expectations for a continued decline in the upcoming sessions. The immediate targets are set at $76.45 and $75.25.

Expected Scenario

The 50-day Exponential Moving Average (EMA50) is exerting continuous negative pressure on crude oil prices, supporting the bearish trend outlook. It’s important to note that breaching the $77.64 level, followed by $78.25, would halt the expected decline and could potentially lead to a bullish reversal.


Expected Trading Range

Support: $75.70


Resistance: $78.70

Trend Forecast: Bearish

Given the current technical setup, the bearish trend is expected to continue. Traders should watch the $77.64 and $78.25 levels for any signs of a potential reversal. As long as crude oil prices remain below these thresholds, further declines toward $76.45 and $75.25 are anticipated.

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