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Crude Oil Price Breaks the Support – Forecast for Today, June 26, 2024

by Jennifer

Crude Oil Price Analysis

Expected Scenario:

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Crude oil price encountered additional negative pressure yesterday, breaking below the $81.50 support level and settling beneath it. Today, the price has started positively, testing the broken level which now acts as resistance, supported by the EMA50. This setup increases the likelihood of surpassing the mentioned level, potentially reviving the previously suggested bullish wave with targets at $82.25 and $83.90 as the next positive stations.

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Thus, we anticipate a bullish bias in the upcoming sessions. However, if the price fails to breach $81.50, it could lead to new losses and initiate a bearish wave targeting $80.55 followed by $79.60.

Expected Trading Range:

  • Support: $80.30
  • Resistance: $83.20

Trend Forecast:

Bullish

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