Crude oil price keeps achieving the negative targets – Forecast today - 02-05-2024
Economies.com
2024-05-02 04:02AM UTC
Crude Oil Price Analysis
Expected Scenario
- Crude oil price declined strongly, successfully achieving our awaited target at 79.60$ and pressing negatively on it. This hints at heading to achieve more bearish correction, as it closed the daily candlestick below it, confirming extending the bearish wave towards 77.65$, thus keeping the bearish trend dominant, supported by the EMA50.
- It's noteworthy that breaching 79.60$ and holding above it will stop the current negative pressure and lead the price to start recovery attempts, heading to test 81.50$ initially.
Expected Trading Range
Between the support at 77.80$ and the resistance at 81.00$.
Trend Forecast: Bearish
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