Crude oil price reaches the first target – Forecast today - 22-04-2024
Economies.com
2024-04-22 03:45AM UTC
Crude Oil Price Analysis
Expected Scenario
- The crude oil price continued its decline, nearing our first target at $81.50, which represents the 38.2% Fibonacci correction level.
- The EMA50 is exerting downward pressure, supporting the continuation of the bearish trend.
- If the price breaks below $81.50, it may target the next correctional level at $79.60.
- Breaching $83.90 would invalidate the bearish scenario and signal a potential return to the main bullish trend.
Expected Trading Range
Between $80.00 support and $83.30 resistance.
Trend Forecast: Bearish
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