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2417.755
22.865%
79.979
1.648%
1.0872
1.5474%
5307.28
0.13%
39999.01
0.20%
18551.55
0.11%
Crude oil price keeps declining – Forecast today - 06-05-2024
Economies.com
2024-05-06 04:09AM UTC
Crude Oil Price Analysis
Expected Scenarios
Crude oil price shows more bearish bias to test 78.00$ barrier, approaching our waited target at 77.65$, and we suggest the continuation of the decline affected by the previously completed double top pattern to surpass this level and open the way to visit 75.25$ as a next correctional target.
Therefore, we are waiting for more expected bearish bias in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that breaching 79.6$ will push the price to attempt to recover and test the most important resistance to the intraday and short-term trades at 81.50$ before any new attempt to decline.
Trading Range for Today
Support: 76.70$
Resistance: 79.70$
Trend forecast: Bearish
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