Crude Oil Price Faces Solid Resistance – Forecast for Today, July 4, 2024

by Jennifer

Crude Oil Price Analysis

Crude oil prices recently attempted to surpass the $83.90 mark but encountered significant resistance, exhibiting a bearish trend. This resistance suggests a potential test of the bullish channel’s support line. The 50-day Exponential Moving Average (EMA50) continues to provide support from below, indicating a bullish trend in the coming period. Confirmation of breaking the mentioned resistance could propel prices towards the next main target of $85.80.


The bullish channel is steering the suggested bullish wave. However, a break below its support line at $82.90 could lead to intraday losses, potentially testing the $81.50 area before any new upward attempt.


Expected Trading Range

  • Support: $82.30
  • Resistance: $85.00

Trend Forecast: Bullish

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