Crude Oil Prices Extend Decline: Forecast for September 2, 2024

by Jennifer

Crude oil prices have started the day with continued negativity, breaching the $74.00 level and reinforcing the prevailing bearish trend. This movement suggests a further decline toward the recent low of $72.04, which is now the next key target.

The outlook remains bearish for the near term, influenced by the formation of a double top pattern on the chart. The persistence of this bearish trend hinges on the price remaining below $75.00. A breach of this level could alleviate current negative pressure and potentially trigger a bullish reversal on an intraday basis.

Advertisements

Today’s expected trading range is between support at $71.70 and resistance at $74.70.

Advertisements

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