Crude oil price forecast update 19-04-2024
Economies.com
2024-04-19 10:43AM UTC
Crude Oil Price Analysis
Expected Scenario
- Crude oil price couldn’t manage to hold for a long time above the 83.90$ level.
- It trades with strong negativity and loses the morning gains as it breaks the mentioned level.
- This leads to falling under expected negative pressure for the rest of the day, targeting testing 81.50$ initially.
- Noting that breaking this level will extend the bearish wave to reach 79.60$ as the next negative station.
- Therefore, the bearish bias will be suggested for the upcoming sessions unless the price rallies to breach 83.90$ and holds with a daily close above it.
Expected Trading Range
Between 81.50$ support and 84.00$ resistance.
Trend Forecast: Bearish
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