Crude oil price forecast update 19-04-2024

Crude Oil Price Analysis

Expected Scenario

• Crude oil price couldn’t manage to hold for a long time above the 83.90$ level.
• It trades with strong negativity and loses the morning gains as it breaks the mentioned level.
• This leads to falling under expected negative pressure for the rest of the day, targeting testing 81.50$ initially.
• Noting that breaking this level will extend the bearish wave to reach 79.60$ as the next negative station.
• Therefore, the bearish bias will be suggested for the upcoming sessions unless the price rallies to breach 83.90$ and holds with a daily close above it.

Expected Trading Range

Between 81.50$ support and 84.00$ resistance.