Crude oil price reaches the first target – Forecast today - 22-04-2024

Crude Oil Price Analysis

Expected Scenario

• The crude oil price continued its decline, nearing our first target at $81.50, which represents the 38.2% Fibonacci correction level.
• The EMA50 is exerting downward pressure, supporting the continuation of the bearish trend.
• If the price breaks below $81.50, it may target the next correctional level at $79.60.
• Breaching $83.90 would invalidate the bearish scenario and signal a potential return to the main bullish trend.

Expected Trading Range

Between $80.00 support and $83.30 resistance.