Crude Oil Price Analysis:
As of today, May 31st, 2024, crude oil prices continue their downward trajectory, successfully reaching our anticipated target of $77.64. The ongoing decline signals the persistence of the bearish bias, with further downside potential expected as the price aims to breach this level. Downside targets include $76.45 and $75.25, representing key areas of interest for traders seeking to capitalize on the bearish momentum.
Expected Scenario:
The forecast maintains a bearish outlook for the foreseeable future, with the potential for a sustained downtrend to unfold. However, it is essential to monitor price action closely, as failure to breach the $77.64 level could trigger temporary recovery attempts. In such a scenario, the price may target the $79.60 region before resuming its downward trajectory.
Expected Trading Range:
Traders should anticipate price fluctuations within a defined range, characterized by a support level at $76.00 and a resistance level at $79.00. This trading range reflects the current market dynamics and provides valuable insights for strategic decision-making.
Trend Forecast:
Considering the prevailing market conditions and technical indicators, the trend forecast for crude oil prices remains bearish, highlighting the potential for further downside movements in the coming sessions.
