Crude oil price forecast update 19-04-2024

Economies.com
2024-04-19 10:43AM UTC

Crude Oil Price Analysis

Expected Scenario

  • Crude oil price couldn’t manage to hold for a long time above the 83.90$ level.
  • It trades with strong negativity and loses the morning gains as it breaks the mentioned level.
  • This leads to falling under expected negative pressure for the rest of the day, targeting testing 81.50$ initially.
  • Noting that breaking this level will extend the bearish wave to reach 79.60$ as the next negative station.
  • Therefore, the bearish bias will be suggested for the upcoming sessions unless the price rallies to breach 83.90$ and holds with a daily close above it.

Expected Trading Range

Between 81.50$ support and 84.00$ resistance.

Trend Forecast: Bearish

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