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Crude Oil Price Under Negative Pressure – Forecast for June 27, 2024

by Jennifer

Crude Oil Price Analysis

Expected Scenario

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Crude oil prices are experiencing new negative pressures, failing to sustain levels above $81.50 for an extended period. The price is currently testing the 50-day Exponential Moving Average (EMA50) at $80.60, which serves as a key support level. Recent trading activity has been confined within a sideways range, with support at $80.60 and resistance at $82.10. The price needs to break through one of these levels to establish a clear direction.

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If the decline continues and the price falls below the support level, it could lead to intraday losses, starting around $79.60. Conversely, if the price breaches the resistance level, it could resume the main bullish trend, targeting positive levels up to $83.90.

Expected Trading Range

  • Support: $79.30
  • Resistance: $82.60

Trend Forecast: Sideways

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