Crude oil price faces new negative pressures – Forecast today - 17-04-2024

Crude Oil Price Analysis

Expected Scenario

• Crude oil price encountered solid resistance formed by the EMA50 at 85.45$, resulting in a slight bearish bias. However, positive momentum is awaited to assist in resuming the expected bullish wave on the intraday and short-term basis.
• The next main targets for the bullish trend are at 87.60$ followed by 89.30$ levels.
• We maintain our suggestion of a bullish trend for the upcoming period. It's important to note that breaking below 83.60$ will halt the expected rise and may initiate a bearish correction for the rise that began from 71.35$ areas.

Expected Trading Range

Between 83.60$ support and 86.70$ resistance.