Crude Oil Price Begins Bullish Correction: Forecast for September 12, 2024

by Jennifer

Crude oil prices are currently fluctuating around the $67.55 level, indicating the start of a bullish correction following the recent decline from $78.40 to $65.51. The initial target for this correction is $68.55, aligning with the 23.6% Fibonacci retracement level. Should the price surpass this level, the next potential target is $70.43.

Positive trading is anticipated today, with the potential for further gains if the price remains above $67.20. A break below this level, however, would negate the bullish scenario and prompt a return to the prevailing bearish trend.

Advertisements

The expected trading range for today is between $66.60 (support) and $68.60 (resistance).

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