Crude oil price loses momentum – Forecast today - 27-03-2024

Crude Oil Price Analysis

Crude oil price faces negative pressure to break 81.95$ and settles below it, noticing that the price records lower high that supports the chances of continuing the decline in the upcoming sessions and achieve bearish correction for the bullish wave that start from 71.35$ areas, as the targets begin by testing 80.68$ that represent important key to the next trend, noting that breaking it will push the price towards 78.90$ areas direct.

Therefore, we expect to witness negative trades in the upcoming sessions, taking into consideration that breaching 82.65$ will stop the expected decline and lead the price to resume the main bullish trend again.

The expected trading range for today is between 80.00$ support and 82.70$ resistance

Trend forecast: Bearish