Crude oil price is recovering – Forecast today - 16-04-2024

Crude Oil Price Analysis

Expected Scenario

• Crude oil price’s decline stopped near 84.00$ barrier, and bounced upwards clearly to breach 86.00$ level and settles above it, which stops the negative scenario suggested yesterday to head towards resuming the main bullish trend, on its way to achieve gains that start at 87.60$ and extend to 89.00$.
• Therefore, we expect to witness more rise in the upcoming sessions, supported by moving above the EMA50, noting that breaking 85.45$ will stop the bullish wave and push the price to target the bullish channel’s support line around 83.30$ before any new positive attempt.

Expected Outcome

The expected trading range for today is between 85.00$ support and 88.00$ resistance.