Crude oil price keeps declining – Forecast today - 06-05-2024

Crude Oil Price Analysis

Expected Scenarios

• Crude oil price shows more bearish bias to test 78.00$ barrier, approaching our waited target at 77.65$, and we suggest the continuation of the decline affected by the previously completed double top pattern to surpass this level and open the way to visit 75.25$ as a next correctional target.
• Therefore, we are waiting for more expected bearish bias in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 79.6$ will push the price to attempt to recover and test the most important resistance to the intraday and short-term trades at 81.50$ before any new attempt to decline.

Trading Range for Today

• Support: 76.70$
• Resistance: 79.70$

Trend forecast: Bearish