Crude oil price forecast update 22-05-2024
Economies.com
2024-05-22 09:29AM UTC
Crude Oil Price Analysis
Expected Scenario
- Crude oil price managed to reach the waited target at 77.64$, waiting for additional decline to break this level to confirm extending the bearish wave towards 75.24$, as the price is affected by the previously completed double top pattern, getting negative support by the EMA50.
- Therefore, the bearish trend will remain valid and active for today unless the price rallied to breach 79.60$ and hold above it.
Expected Trading Range
Between 76.60$ support and 79.60$ resistance.
Trend Forecast: Bearish
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