Crude oil price forecast update 06-05-2024
Economies.com
2024-05-06 11:08AM UTC
Crude Oil Price Analysis
- Crude oil price fluctuates positively to approach testing the key resistance at 79.60$.
- As mentioned this morning, the price needs to hold below this level to keep the correctional bearish trend active.
- Breaching the resistance represents the key to start recovery attempts and achieve gains that reach 81.50$ initially.
- The EMA50 supports the suggested bearish wave.
- Our targets begin at 77.65$ and extend to 75.25$ after breaking the previous level.
Expected Trading Range for Today:
- Support: 76.70$
- Resistance: 79.70$
Trend Forecast:
Bearish
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