Crude Oil Price Forecast: Hits $72.32, Signals Potential Pullback Ahead
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Crude oil prices reached a new high of $72.32 but are showing signs of potential weakness. Technical indicators suggest a possible bearish pullback, with the 50-Day Moving Average at $70.64 serving as a key support level. The market has completed several Fibonacci retracement targets and an ABCD pattern, which could signal resistance.
April 01, 2025 | 9:00 pm
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The Brent Oil Fund could see price fluctuations based on the current crude oil market technical indicators suggesting a potential pullback.
The technical analysis of crude oil prices suggests a potential pullback, which would likely impact the BNO ETF tracking Brent crude oil prices. The bearish shooting star pattern and completion of Fibonacci targets indicate possible short-term downward pressure.
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