OIL Forex Analysis for Today, Friday (09-08-2024)
Check BUY Opportunity for OIL: Inverse Head and Shoulders Pattern Still in Play
OIL Analysis
Geopolitical Tensions Lift Oil Prices
Crude oil prices rose following the geopolitical tensions in the Middle East. The market is waiting to see if Iran will carry out their threat of attacking Israel in response to the assassination of Hamas leader Ismail Haniyeh in Tehran last week.
Inverse Head and Shoulders Pattern
The inverse head and shoulders pattern is still visible on the H1 time frame. Buying opportunities can be sought if there is a correction to the neckline area of the pattern.
Prediction: STRONG OIL
Resistance
- R1 72.61
- R2 76.31
- R3 77.97
- R4 79.74
Support
- S1 71.00
- S2 72.00
- S3 73.00
- S4 74.00
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