Crude Oil Price Reaches First Target – August 16, 2024 Forecast

by Jennifer

Crude oil prices encountered strong resistance at the initial positive target of $78.35, leading to a slight bearish correction. The price may test the bullish trend line before resuming its upward momentum, with a breach of the $78.35 level likely to pave the way for a move toward the next positive target of $79.84.

The EMA50 continues to provide positive support, reinforcing the expectation of a continued rise. It’s important to note that the persistence of this bullish trend depends on the price remaining above the $76.86 level.

Advertisements

The anticipated trading range for today lies between the $76.50 support and the $79.50 resistance levels.

Advertisements

Trend Forecast: 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