Crude Oil Prices Continue Decline, Forecast Indicates Bearish Trend – May 6, 2024

by Jennifer

In the current analysis of crude oil prices, there persists a notable downward trajectory, with indications pointing towards a further decline. The price is anticipated to test the $78.00 barrier, edging closer to the awaited target of $77.65. Analysts suggest that this downward momentum is influenced by the completion of a previously observed double top pattern, fostering a scenario where surpassing this level could pave the path for a correctional target of $75.25.

Projections for the upcoming trading sessions lean towards a continued bearish bias, supported by the negative pressure exerted by the EMA50 indicator. It’s emphasized that breaching the $79.60 mark may incite a price recovery attempt, potentially testing the pivotal resistance levels for intraday and short-term trades situated around $81.50, before any subsequent downward movements are considered.

Advertisements

Today’s trading range is anticipated within the following parameters:

Advertisements
  • Support: $76.70
  • Resistance: $79.70

The overall trend forecast remains bearish, indicating a prevailing sentiment towards further price declines.

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