Crude oil price awaits more rise – Forecast today - 02-04-2024
2024-04-02 01:41AM UTC

Crude Oil Price Analysis

Crude oil price trades above the 84.00$ barrier after the rise witnessed in the previous sessions, settling inside the bullish channel visible on the chart. It is now waiting to resume the bullish wave targeting 85.00$ followed by 86.75$ levels as the next main stations.

The EMA50 keeps supporting the price from below, reinforcing the expectations of achieving more gains on the intraday and short-term basis. However, breaking 83.56$ will put the price under correctional bearish pressure for the bullish wave that started from 71.35$ areas.

Trading Range Forecast

The expected trading range for today is between 83.00$ support and 86.00$ resistance.

Trend forecast: Bullish

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