End of day crude oil price forecast update - 22-03-2024

Crude oil price tested 81.80$ level and bounced bearishly from there, to approach the key support 80.68$, which urges caution from the upcoming trading, as we witness signs of head and shoulders’ pattern that appears on the chart, it will be confirmed by breaking the mentioned support, which has negative targets that reach 78.90$ direct.

Therefore, we prefer to monitor the upcoming trading until we get clearer signal for the next trend, through breaking 80.68$ support or breaching the resistance that rises now to 82.00$.