Crude Oil Price Hits First Target, Bears in Control – May 23, 2024

by Jennifer

Expected Scenario

The crude oil price has successfully reached our awaited target at $77.64, and today commences with further decline, aiming to breach this level and consolidate below it. This reinforces the prevailing dominance of the bearish trend, setting the stage for a potential move towards the next downside target at $75.24.

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Consequently, the bearish scenario is expected to persist on both the intraday and short-term basis, supported by the downward pressure exerted by the EMA50. It’s worth noting that a breach of $77.64 followed by a sustained hold above it would negate the negative outlook, potentially initiating a bullish wave targeting the $79.60 region initially.

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Expected Trading Range

The projected trading range spans between the support level at $75.60 and the resistance level at $78.60.

Trend Forecast: Bearish

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