Crude oil price stops the bearish correction, strong gains by the opening – Forecast today - 19-04-2024

Crude Oil Price Analysis

Expected Scenario

• Crude oil price rallied upwards strongly by today’s open, affected by the military tensions in the Middle East, to breach 83.90$ and return to the main bullish channel again, to stop the bearish correction that dominated the recent trades and head towards resuming the main bullish track, on its way to achieve gains that start by testing 87.80$ and might extend to 89.35$ as next main stations.
• Therefore, we expect to witness more rise in the upcoming period, noting that breaking 83.90$ will stop the bullish wave and push the price to achieve new bearish correction.

Expected Outcome

The expected trading range for today is between 84.00$ support and 87.00$ resistance.