Crude oil price forecast update 23-05-2024

Crude Oil Price Analysis

Expected Scenario

• Crude oil price trades with clear positivity to breach 77.64$ level and attempts to hold above it, which urges caution from the upcoming trading, as confirming the breach will push the price to achieve additional gains and visit 79.60$ before any new attempt to decline.
• On the other hand, the price needs to trade below 77.64$ again to revive the bearish trend scenario that its next main target located at 75.24$.

Expected Trading Range

Between 75.60$ support and 78.60$ resistance.