Advertisements

Crude Oil Price Analysis: Bearish Trend Persists

by Daisy

Expected Scenario

Crude oil prices have met the anticipated target of $77.64 and have commenced further decline, breaking below this level. This move reinforces expectations of a continued bearish trend, setting the stage for a descent towards the next negative target of $75.24.

The bearish trend scenario is projected to persist in the intraday and short-term outlooks, bolstered by the negative pressure exerted by the EMA50. However, a breach of the $77.64 level and sustained movement above it would invalidate the bearish scenario, potentially leading to a bullish wave targeting the $79.60 area initially.

Advertisements

Expected Trading Range

Support: $75.60

Advertisements

Resistance: $78.60

Trend Forecast: Bearish

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News