Crude oil price awaits more decline – Forecast today - 07-05-2024
Economies.com
2024-05-07 03:51AM UTC
Crude Oil Price Analysis
Crude oil price has tested the 79.00$ barrier and settled below it, indicating a potential resumption of the bearish wave influenced by the double top pattern on the chart. Our targets begin at 77.60$ and extend to 75.25$.
The negative pressure formed by the EMA50 supports the continuation of the expected decline, which will remain valid as long as the price stays below 79.60$.
Expected Trading Range for Today
- Support: 77.00$
- Resistance: 80.00$
Trend Forecast
Bearish
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