Forecast for Next Week
Bearish Scenario (Higher Probability):
Trigger: Failure to reclaim $61.60 or a break below $56.
Targets: $55.05 (April 9 low), $52.53, or $49-$43 if the 4-year support at $64 breaks.
Rationale: Bearish MACD cross, descending channel, and OPEC+ production increase fears.
Bullish Scenario (Lower Probability):
Trigger: A hold above $57.08-$56.53 with a bullish reversal pattern (e.g., Bullish Engulfing) or OPEC+ signalling tighter supply.
Targets: $63.90, $65.81 or $68 (14-day forecast).
Rationale: Oversold RSI and potential demand zone support.
Range-Bound Scenario: If prices stay between $57.00-$60.60, expect choppy trading as the market awaits clarity from OPEC+ and economic data.
Bearish Scenario (Higher Probability):
Trigger: Failure to reclaim $61.60 or a break below $56.
Targets: $55.05 (April 9 low), $52.53, or $49-$43 if the 4-year support at $64 breaks.
Rationale: Bearish MACD cross, descending channel, and OPEC+ production increase fears.
Bullish Scenario (Lower Probability):
Trigger: A hold above $57.08-$56.53 with a bullish reversal pattern (e.g., Bullish Engulfing) or OPEC+ signalling tighter supply.
Targets: $63.90, $65.81 or $68 (14-day forecast).
Rationale: Oversold RSI and potential demand zone support.
Range-Bound Scenario: If prices stay between $57.00-$60.60, expect choppy trading as the market awaits clarity from OPEC+ and economic data.
renderwithme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
renderwithme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.