Crude oil price keeps its negative stability – Forecast today - 03-05-2024
Economies.com
2024-05-03 03:37AM UTC
Crude Oil Price Analysis
- Crude oil price settles below 79.60$, keeping the correctional bearish scenario active.
- The next target is 77.65$, representing the 61.8% Fibonacci correction level for the rise from 71.35$ to 87.80$.
- The price is affected by the previously completed double top pattern, visible on the chart.
- Surpassing 79.60$ and holding above it will stop the bearish wave and push the price to attempt to build an intraday bullish wave.
The expected trading range for today is between 77.50$ support and 80.60$ resistance.
Trend forecast: Bearish
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