Crude oil price under the negative pressure – Forecast today - 15-04-2024
Economies.com
2024-04-15 04:05AM UTC
Crude Oil Price Analysis
Halt in Price Rise
Crude oil price's rise halted at the first target of $87.75, leading to a clear rebound downwards and surpassing the EMA50.
The price is now heading towards an expected test of the bullish channel's support line around $83.10.
Expected Scenarios
- Bearish bias is suggested for the upcoming sessions.
- Breaking below $84.90 will ease the mission to achieve the awaited target.
- Breaching $86.00 will stop the expected decline and may lead the price to attempt to resume the main bullish trend.
Trading Range
The expected trading range for today is between support at $83.60 and resistance at $86.60.
Trend forecast: Bearish
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