Crude Oil Price Analysis
Expected Scenario
Crude oil prices are experiencing new negative pressures, failing to sustain levels above $81.50 for an extended period. The price is currently testing the 50-day Exponential Moving Average (EMA50) at $80.60, which serves as a key support level. Recent trading activity has been confined within a sideways range, with support at $80.60 and resistance at $82.10. The price needs to break through one of these levels to establish a clear direction.
If the decline continues and the price falls below the support level, it could lead to intraday losses, starting around $79.60. Conversely, if the price breaches the resistance level, it could resume the main bullish trend, targeting positive levels up to $83.90.
Expected Trading Range
- Support: $79.30
- Resistance: $82.60
Trend Forecast: Sideways
