OIL Forex Analysis for Today, Friday (17-05-2024)

OIL Forex Analysis for Today, Friday (17-05-2024)

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


  • R1 80.17
  • R2 79.12
  • R3 80.79
  • R4 81.46


  • S1 79.12
  • S2 80.17
  • S3 78.65
  • S4 78.19

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