OIL Forex Analysis for Today, Friday (16-08-2024)
SELL Opportunity for OIL, Monitor the Entry Area!
CLSK Analysis
Inconsistent Demand from China and the US
The upward movement of crude oil prices remains limited due to inconsistent demand from China and the US. US crude oil inventories surged earlier this week, while refineries in China drastically cut back on demand due to sluggish fuel consumption.
Prices Remain Under Pressure
Prices have declined after breaking below the uptrend line visible on the H1 time frame. A sell opportunity can be sought if there is a pullback to the entry area near the trendline.
Forecast: WEAK OIL
Resistance Levels:
- R1: 80.00
- R2: 79.00
- R3: 78.00
- R4: 77.00
Support Levels:
- S1: 79.28
- S2: 76.89
- S3: 75.70
- S4: 74.57
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