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Crude Oil Price Forecast Update – 09-07-2024

by Jennifer

Crude Oil Price Analysis

Expected Scenario

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The price of crude oil continues to show negative movement, approaching $81.84 and attempting to break below this level. This reinforces expectations for the continuation of a bearish trend in the upcoming sessions, influenced by a previously completed double top pattern. The next anticipated target for decline is around $80.08. The EMA50 indicator supports the continuation of this bearish wave, maintaining validity unless the price breaches $82.75 and holds above it.

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Expected Trading Range

  • Support: $80.30
  • Resistance: $83.40

Trend Forecast: Bearish

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