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Crude Oil Price Faces Negative Pressure – Forecast for Today, June 13, 2024

by Jennifer

Crude Oil Price Analysis

Expected Scenario

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Crude oil price is experiencing additional negative trades, nearing the critical support level at $77.64. This downward movement is influenced by the negativity observed in the Relative Strength Index (RSI). For the main positive scenario to remain valid, the price must consolidate above the mentioned support.

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In this scenario, initial targets lie at $79.55, extending to $81.50 after surpassing the former level. The EMA50 continues to offer continuous positive support to the price, bolstering the likelihood of sustaining the expected bullish trend.

However, a break below $77.64 would halt the bullish trend, leading the price to shift towards a decline and potentially initiate a bearish wave. In this scenario, the primary targets for downward movement are $76.70, followed by $75.25.

Expected Trading Range

The expected trading range for today is between the support level at $77.00 and the resistance level at $80.00.

Trend Forecast: Bullish

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