Crude Oil Price Resumes Uptrend – Forecast for June 12, 2024

by Jennifer

Crude Oil Price Analysis:

Crude oil price has exhibited notable upward momentum, marking a departure from the $77.64 level and successfully surpassing the minor resistance at $78.25. The price has since stabilized above this threshold, signaling a positive outlook for the intraday trading session and setting the stage for continued ascent in the near term.

The immediate objective is to target the $79.55 level, serving as the next pivotal station. A breach of this milestone is expected to amplify the bullish momentum, propelling the price towards the $81.50 mark as the subsequent primary target.


It is imperative to note that a decisive break below $77.64 would signal a cessation of the current bullish trend, potentially prompting a reversal towards the downside.


Expected Trading Range:

Market analysis suggests a probable trading range spanning from the support level at $77.20 to the resistance level at $80.20.

Trend Forecast:

In line with the prevailing market dynamics and recent price movements, the trend forecast leans towards a bullish trajectory for crude oil prices, with expectations for further upside potential.

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