Crude Oil Price Forecast Update – October 23, 2024

Crude oil prices are currently facing significant resistance at $72.15, which has resulted in some bearish sentiment in the market. Traders are advised to exercise caution in upcoming sessions. A break below the support level at $71.45 could lead to further declines, potentially testing the $70.58 mark before any new upward movement occurs.

Conversely, if prices breach the $72.15 resistance level, they could rise toward the next target of $73.70. However, breaking below $70.58 would signal a return to a bearish trend, with initial negative targets starting at $68.65.

The anticipated trading range for today is between a support level of $70.80 and a resistance level of $73.80.

Trend Forecast: Bullish

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