Crude Oil Price Begins Bearish Correction: Forecast for July 8, 2024

by Jennifer

Crude Oil Price Analysis

The price of crude oil has decisively broken below the support line of its bullish channel, signaling the onset of a bearish correction phase following its recent rise from $72.64 to $84.68. Currently, the price is poised to test the initial support level at $81.84. A breach below this level could potentially drive the price towards $80.08, marking the next significant correctional target.


The outlook for upcoming sessions suggests a continuation of the downward trend. Notably, breaking below $82.75 would facilitate the attainment of the aforementioned downside targets. Conversely, a break above $84.00 would invalidate the bearish scenario, potentially prompting a reattempt to resume the primary bullish trend.


Expected Trading Range

Today’s anticipated trading range is expected to fluctuate between a support level of $81.00 and a resistance level of $84.00.

Trend Forecast: Bearish

The trend analysis indicates a bearish sentiment in the near term, influenced by recent price movements and technical indicators. Traders and investors are advised to monitor developments closely, particularly around critical support and resistance levels, for potential trading opportunities in the crude oil market.

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