Crude oil price needs strong positive motive – Forecast today - 25-03-2024

Crude oil price hovers around the EMA50, keeping its stability above the key support 80.68$, to keep the bullish trend scenario valid for the upcoming period, waiting to get positive motive that assist to push the price to achieve positive targets that start at 82.70$ followed by 83.56$.

On the other hand, we should note that the price is forming head and shoulders’ pattern that might turn the intraday track downwards and achieve bearish correction in case breaking 80.68$ and holding below it, noting that confirming the break will push the price to visit 78.90$ direct.

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

Trend forecast: Bullish