Crude oil price rises again – Forecast today - 12-04-2024

Crude Oil Price Analysis

Expected Scenario

• Crude oil price ended yesterday with clear positivity, starting today with additional rise to attempt to confirm surpassing the resistance line.
• The positive scenario is expected to reactivate, targeting new gains starting at 87.75$ and extending to 89.05$.
• The bullish bias is supported by the EMA50.
• Breaking 85.45$ will initiate a decline towards the bullish channel’s support line around 83.65$ before any new attempt to rise.

The expected trading range for today is between 84.60$ support and 87.60$ resistance.

Trend Forecast

Bullish