Crude oil price forecast update 15-05-2024

Economies.com
2024-05-15 09:29AM UTC

Crude Oil Price Analysis

Expected Scenario

  • Crude oil price fluctuates within a tight range since morning, settling around 78.50$, and we are still waiting to achieve intraday gains to test 79.60$ before any new attempt to decline.
  • On the other hand, we should note that breaking 77.64$ will stop the positive possibility and push the price to resume the main bearish track without the need for the suggested rise, to head towards targeting 75.25$ areas as the next main station.

Expected Trading Range

Between 76.80$ support and 80.00$ resistance

Trend Forecast: Sideways

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