OIL Forex Analysis for Today, Monday(27-05-2024)
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Look for SELL Opportunities, OIL Held by Downtrend Line
CLSK Analysis
Market Awaits OPEC+ Meeting
OPEC+ will hold a meeting on June 2 to review production cut policies. Currently, OPEC members are maintaining production at only 2.2 million barrels per day, but on the other hand, there are almost 6 million barrels per day from supply reserves connected to the market, raising concerns of oversupply.
Still Moving Below Downtrend Line
Prices are testing the H1 trendline area. Sell opportunities can be sought if the support area is breached.
Forecast: WEAK OIL
Resistance Levels:
- R1 78.68
- R2 78.05
- R3 79.33
- R4 80.12
Support Levels:
- S1 77.28
- S2 78.05
- S3 76.81
- S4 76.15
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