Crude Oil Price Awaits More Decline – Forecast for June 5, 2024

by Jennifer

Expected Scenario

Crude oil’s recent trades are confined within a bearish pennant pattern, suggesting further declines ahead. To activate the negative effect of this pattern, the price needs to break below $73.15, which would signal a continuation of the main bearish trend with the next target set at $71.35.

Therefore, we continue to suggest a bearish trend for the upcoming period, reinforced by the negative pressure from the EMA50. However, if the price breaches $73.90, it would halt the expected decline and potentially push the price up to test the key resistance at $75.25 before any further attempt to decline.


Expected Trading Range

Support: $71.60


Resistance: $74.60

Trend Forecast: Bearish

In summary, crude oil is expected to continue its bearish trend towards $71.35, provided it breaks below $73.15. A breach of $73.90, however, would signal a potential shift towards testing higher resistance levels at $75.25.

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