Crude Oil Price Forecast for July 3, 2024

by Jennifer

Crude Oil Price Analysis:

Crude oil experienced significant negative pressure yesterday, dropping below the $83.90 mark and remaining below this level. The price appears to be moving towards a potential test of the bullish channel’s support line, as indicated on the chart.

Advertisements

Despite this recent dip, the 50-day Exponential Moving Average (EMA) continues to offer positive support, keeping the price within the bullish channel. This suggests that the overall bullish trend is likely to persist. For this trend to strengthen, the price must break above the $83.90 level, which could pave the way for a rally towards the next positive target of $85.80.

Advertisements

Expected Trading Range:

Today’s trading range is anticipated to lie between $82.10 support and $85.00 resistance.

Trend Forecast: Overall Bullish

You May Also Like

blank

Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com – Futures Market, Investment, Trading & News