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Crude Oil Price Touches the Target – Forecast for June 20, 2024

by Jennifer

Expected Scenario

Crude oil reached the $81.50 level but encountered strong resistance, resulting in a slight bearish movement below the $81.00 barrier. A positive catalyst is needed to resume the bullish wave within the visible bullish channel on the chart, targeting further gains up to $82.25 and subsequently $83.90. Conversely, a break below $80.50 could halt the anticipated rise, leading to a test of the key support at $79.55 before any renewed upward attempts.

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Expected Trading Range

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For today, the expected trading range for crude oil is between the $79.70 support and the $82.60 resistance.

Trend Forecast: Bullish

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