OIL Forex Analysis for Today, Friday (17-05-2024)
Look for BUY Opportunities: Monitor OIL Resistance
CLSK Analysis
US Oil Reserves Decrease
Oil prices strengthened due to the decline in US oil reserves and weakening inflation. The weakening inflation increases the likelihood of a rate cut by the Fed, while lower interest rates could stimulate the economy and increase demand.
Monitor Resistance Area
Prices are testing the resistance area visible in the H1 time frame. Buy opportunities can be sought if this resistance area is breached.
Prediction: STRONG OIL
Resistance
- R1 80.17
- R2 79.12
- R3 80.79
- R4 81.46
Support
- S1 79.12
- S2 80.17
- S3 78.65
- S4 78.19
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