Crude oil price suffers clear losses – Forecast today - 18-04-2024

Price Analysis: Crude Oil

Expected Scenario

• Crude oil price ended yesterday with strong negativity, confirming the break of the bullish channel’s support line and initiating a bearish correction for the rise measured from 71.35$ to 87.80$. The next main target is to visit 81.50$, with potential additional losses reaching 79.60$ if this level is breached.
• Expectations lean towards witnessing further decline in the upcoming sessions. However, breaking 83.90$ will halt the correctional bearish scenario and lead the price to regain the main bullish trend.

Expected Outcome

The expected trading range for today is between 81.00$ support and 84.00$ resistance.