OIL Forex Analysis for Today, Friday (06-09-2024)
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Still SELL Opportunities for OIL: DOWN TRENDLINE Holding Strong
CLSK Analysis
Yesterday, crude oil prices briefly strengthened after Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman decided to voluntarily continue their production cut program. However, the economic and industrial slowdown, especially in China, still dominates market sentiment, causing the price increase to be short-lived.
Still Moving Below the Down Trendline
The price is still moving below the down trendline on the H1 timeframe. Resistance areas are also visible, and SELL opportunities may arise if a pullback occurs to that area.
Prediction: WEAK OIL
Resistance Levels
- R1: 76.00
- R2: 75.00
- R3: 74.00
- R4: 73.00
Support Levels
- S1: 73.74
- S2: 69.13
- S3: 66.83
- S4: 64.58
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