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Crude Oil Price Begins Negatively – Forecast for July 10, 2024

by Jennifer

The price of crude oil has opened with new negativity, confirming a break below the $81.84 level and attempting to move further downwards. This supports the continuation of the expected bearish trend in both the intraday and short-term outlooks. The next main target is set at $80.08, which represents the 38.2% Fibonacci correction level for the recent bullish wave shown on the chart. Breaking this level would push the price towards the next correctional target at $78.66.

Given this, we expect further decline in the upcoming sessions. However, if the price breaches the $81.84 and then the $82.60 levels, it will halt the bearish trend and may lead to an attempt to regain the main bullish trend.

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Today’s expected trading range is between the support level of $79.60 and the resistance level of $82.50.

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Trend forecast: Bearish

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