Crude Oil Price Attempts to Recover – Forecast for August 6, 2024

by Jennifer

Crude oil prices showed clear positive movement yesterday, reaching the $74.80 area. However, today’s session begins with a bearish bias, suggesting a resumption of the main bearish trend. We expect the price to test the $72.64 level again, supported by the negative pressure from the EMA50.

The bearish outlook will remain valid as long as the price holds below the $75.48 resistance level. A breach above this level could lead to a recovery and further gains, potentially reaching the $77.24 area.

Advertisements

Expected Trading Range for Today:

Advertisements

Support: $72.50

Resistance: $75.50

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