OIL Forex Analysis for Today, Friday (05-07-2024)

OIL Forex Analysis for Today, Friday (05-07-2024)

OIL Forex Analysis for Today, Friday (05-07-2024)

Potential BUY OIL: Wedge Pattern Confirmed

Analysis CLSK

Market Awaits US NFP

Crude oil prices rebounded following deteriorating US economic data. Economic slowdown raises concerns about demand reduction, but on the other hand, a Fed rate cut could boost demand by potentially revitalizing the economy. The US NFP data tonight is one of the key data points awaited by the market.

Continued Bullish Falling Wedge Pattern

Prices rose after the bullish falling wedge pattern was confirmed. Buying opportunities can be sought again if there is a correction back to the uptrend line area, which is still visible on the H1 time frame.

Prediction: Strong OIL


  • R1 82.35
  • R2 84.35
  • R3 85.50
  • R4 86.55


  • S1 85.00
  • S2 84.00
  • S3 83.00
  • S4 82.00

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