Crude Oil Price Sees Significant Gains – Forecast for May 9, 2024

by Jennifer

Crude oil prices experienced a robust upward rally in the previous session, surging towards the crucial resistance level at $79.60. It’s noteworthy that the EMA50 coincides with this level, reinforcing its significance, while the RSI signals a notable loss in positive momentum.

Despite the recent bullish movement, there are indications suggesting a potential resumption of the correctional bearish trajectory, influenced by the completion of the double top pattern. The next target is projected to test the $77.64 level once again.

Advertisements

However, should the price continue its ascent and breach the $79.60 resistance, it would negate the anticipated decline, potentially paving the way for further intraday gains.

Advertisements

Expected Trading Range

  • Support: $77.60
  • Resistance: $80.70

Trend Forecast: Bearish

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