OIL Forex Analysis for Today, Friday (23-08-2024)
OIL Still Poised for SELL: Remains Below DOWN TRENDLINE
OIL Analysis
Demand from China Remains Low
The slowdown in demand from China is primarily due to reduced industrial activity, slowing GDP growth, and decreased fuel demand for vehicles as more people switch to electric cars. Additionally, trucks are gradually transitioning from diesel to natural gas (LNG) fuel.
Still in Downtrend, Held by Down Trendline
Price remains below the downtrend line visible on the H1 time frame. A pullback occurred to the trendline area and the Break of Structure (BoS) zone detected on the H1 time frame.
Forecast: WEAK OIL
Resistance Levels:
- R1: 78.00
- R2: 77.00
- R3: 76.00
- R4: 75.00
Support Levels:
- S1: 74.50
- S2: 71.43
- S3: 69.84
- S4: 68.22
Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.