Crude oil price hits the negative target, heads for more – Forecast today - 01-05-2024

Crude Oil Price Analysis

Expected Scenario

• Crude oil price started today with additional negativity to attempt to break 81.50$, as it closed the last four hours’ candlestick below it, reinforcing the expectations of continuing the domination of the correctional bearish trend and opens the way to head towards the next target that reaches 79.60$.
• On the other hand, we notice that the price is affected by the completion of double top pattern that supports the chances of achieving more bearish correction and negative targets that surpass the above mentioned level, noting that failing to confirm breaking 81.50$ will lead the price to start intraday bullish wave and attempt to cover the recently suffered losses, to head towards testing 83.90$ areas initially.

Expected Trading Range

Between 79.50$ support and 82.50$ resistance