Crude oil price suffers clear losses – Forecast today - 18-04-2024
Economies.com
2024-04-18 04:05AM UTC
Price Analysis: Crude Oil
Expected Scenario
- Crude oil price ended yesterday with strong negativity, confirming the break of the bullish channel’s support line and initiating a bearish correction for the rise measured from 71.35$ to 87.80$. The next main target is to visit 81.50$, with potential additional losses reaching 79.60$ if this level is breached.
- Expectations lean towards witnessing further decline in the upcoming sessions. However, breaking 83.90$ will halt the correctional bearish scenario and lead the price to regain the main bullish trend.
Expected Outcome
The expected trading range for today is between 81.00$ support and 84.00$ resistance.
Trend Forecast: Bearish
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