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Crude Oil Price Halts Bearish Correction – Forecast for July 11, 2024

by Jennifer

Today, crude oil prices continue their ascent, surpassing the $82.60 mark and settling above it. This confirms a halt to the previous correctional bearish scenario, signaling a resumption of the primary bullish trend. The immediate target now is to achieve gains that could potentially revisit the recent high recorded at $84.68.

The outlook for upcoming sessions remains optimistic, supported by trading above the EMA50. It’s crucial to note that a breach below $81.84 could trigger a decline, potentially initiating additional bearish correction targeting $80.08.

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For today’s trading perspective, the expected range is between $81.60 as support and $84.50 as resistance.

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Trend Forecast: Bullish

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