Crude Oil Price Forecast Update: October 22, 2024

Crude oil prices have been trading sideways and tightly throughout the morning session, indicating no change to the expected bearish trend for today. This outlook relies on the price remaining below $70.58, influenced by a previously completed double top pattern. The next target is set at $68.65.

The anticipated trading range for today is between the support level at $68.60 and the resistance level at $71.60.

Trend Forecast: Bearish

• Where Do Futures Prices Come From?
• Do You Pay Interest When Shorting Futures?
• Can You Trade Futures on 24/7?