Crude Oil Price Forecast Update – October 21, 2024

Crude oil prices are currently exhibiting a bullish bias, approaching the $70.58 level. This level serves as the first line of defense against the continuation of the expected negative trend today. A break below the $68.65 level would confirm an extension of the bearish wave, potentially pushing prices down toward $67.00. This outlook relies on the negative influence of the double top pattern, reinforcing the bearish trend anticipated in the near future.

For today, the expected trading range is between the support level at $67.75 and the resistance level at $70.75.

Trend Forecast: Bearish

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