Crude oil price forecast update 14-05-2024
Economies.com
2024-05-14 09:25AM UTC
Crude Oil Price Analysis
Expected Scenario
- Crude oil price provides additional negative trades now, pressing on the 79.00$ barrier.
- This supports the continuation of the expected bearish trend on the intraday basis, with the first target at 77.64$. Breaking it represents the key to rally towards 75.25$.
- The continuation of the bearish wave depends on the price stability below 79.60$, as breaching it will lead to new gains targeting 81.50$ areas initially.
Expected Trading Range
Between the support at 77.30$ and the resistance at 80.40$.
Trend Forecast: Bearish
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