Crude oil price forecast update 25-03-2024

Crude oil price shows positive trades and approaches 82.00$ barrier, to reinforce the expectations to rise in the upcoming sessions, and attempts to cancel the potential head and shoulders’ pattern formation.

The technical indicators and the outlook

• The EMA50 provides good support to the price, waiting to assist to push trades towards 82.70$ followed by 83.56$ as next main targets.

The expected scenarios

• The expected trend for today is bullish, and breaching 81.85$ will ease the mission to achieve the waited targets.

• Breaking 80.68$ will put the price under the correctional bearish pressure again, to turn to decline and target 78.90$ areas on the near-term basis.

Expected trading range and price overview

The expected trading range for today is between 80.00$ support and 83.00$ resistance

Trend forecast: Bullish