Crude oil price achieves clear gains – Forecast today - 09-05-2024
Economies.com
2024-05-09 03:41AM UTC
Crude Oil Price Analysis
Forecasts and Analysis
- Crude oil price rallied strongly upwards yesterday, reaching the key resistance line at 79.60$.
- Noting that the EMA50 meets this level, adding more strength to it, while the RSI indicates a clear loss in positive momentum.
- We believe that there are valid chances to resume the correctional bearish track, affected by the previously completed double top pattern.
- Our next target is represented by testing 77.64$ again.
- Continuation of the rise and breaching 79.60$ will stop the expected decline and lead to further gains on the intraday basis.
Expected Trading Range
The expected trading range for today is between 77.60$ support and 80.70$ resistance.
Trend Forecast: Bearish
Commodities News
Commodities
Gold scales a fresh record high at $2450
2024-05-20 08:52AM UTC
Gold prices rose in European trade on Friday on track for the second profit in a row, hitting a ...
Commodities
Gold scales fresh record highs and marks weekly gains
2024-05-17 21:03PM UTC
Gold prices rose on Friday and scaled fresh record highs, marking the second weekly profit in a ...
Commodities
Silver about to trade above $30 once more for first time in 3 years
2024-05-17 11:54AM UTC
Silver prices rose in European trade on Friday, resuming gains and approaching $30 an ounce for the ...
Commodities Technical Analysis
Commodities
Brent oil price forecast update 20-05-2024
2024-05-20 10:42AM UTC
Brent Oil Price Analysis Expected Scenario Brent oil price is facing temporary negative ...
Commodities
Crude oil price forecast update 20-05-2024
2024-05-20 10:41AM UTC
Crude Oil Price Analysis Expected Scenario Crude oil price is testing the key support ...
Commodities
Silver price forecast update 20-05-2024
2024-05-20 10:40AM UTC
Silver Price Analysis Expected Scenario Silver price shows some bearish bias now, ...