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Crude Oil Needs Strong Positive Momentum – June 17, 2024 Forecast

by Jennifer

Crude Oil Price Analysis

Crude oil prices are currently trading within a bullish pennant pattern. To confirm the positive momentum, the price needs to break above $78.95, which would likely lead to further gains, with initial targets at $79.55 and potentially extending to $81.50.

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We continue to forecast a bullish trend for the near term. However, if the price falls below $77.64, this positive scenario will be invalidated, leading to a potential decline.

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Expected Trading Range

  • Support: $77.00
  • Resistance: $80.00

Trend Forecast: Bullish

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