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Crude Oil Price Breaches Resistance – Forecast for June 25, 2024

by Jennifer

Crude Oil Price Analysis

Expected Scenario

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The crude oil price successfully breached the $81.50 resistance level and closed the daily candlestick above it, reinforcing the anticipated bullish trend for the coming period. This breakout paves the way for potential gains, with initial targets at $82.25 and extending to $83.90.

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The EMA50 continues to provide support from below, maintaining the price within the bullish channel visible on the chart. This bullish channel suggests further upward potential beyond the mentioned targets. However, a break below $81.35 could halt the expected rise and trigger a decline.

Expected Trading Range

Traders can expect crude oil to trade within a range of $80.70 support to $83.70 resistance.

Trend Forecast

The forecast for crude oil remains bullish, as long as the price stays above key support levels.

Investors and traders should monitor these levels closely as they navigate today’s crude oil market.

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