Crude oil price forecast update 11-04-2024

Crude Oil Price Analysis

Expected Scenario

• Crude oil price is facing negative pressure to break 86.05$ level and settles below it, to head towards achieving expected decline in the upcoming sessions, targeting testing 84.55$ initially, noting that breaking it will push the price towards 83.45$ as a next negative station.
• Therefore, we expect to witness more decline for the rest of the day unless the price managed to breach 86.05$ and hold above it again.

Expected Trading Range

Between 84.55$ support and 87.00$ resistance.