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Crude Oil Price Shows Positive Momentum – Forecast for June 21, 2024

by Jennifer

Crude Oil Price Analysis

Yesterday, crude oil prices continued their upward movement, successfully breaching the critical level of $81.50 and closing above it for the day. This reinforces expectations for the continuation of the bullish trend both intraday and in the short-term. The price action remains within a bullish channel pattern visible on the charts, further supporting prospects for achieving new highs.

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Expected Scenario

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The current outlook suggests that crude oil is poised to pursue higher targets, with initial objectives set at $82.25 and potentially extending to $83.90. The bullish sentiment is bolstered by the EMA50 (Exponential Moving Average 50), which continues to provide support to the upward momentum. However, a failure to consolidate above $81.50 could prompt a reversal, with potential downside targets at the lower boundary of the bullish channel around $80.25, and further down to $79.60 before a potential rebound.

Expected Trading Range

Traders should monitor crude oil within a trading range expected between support at $81.20 and resistance at $83.30. These levels are crucial for assessing potential breakout opportunities or reversals.

Trend Forecast

The trend forecast for crude oil remains bullish, underpinned by recent price movements and technical indicators indicating strong bullish momentum.

Investors and traders are advised to stay informed about market developments and monitor price movements closely within the specified trading range for potential trading opportunities aligned with the prevailing trend.

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