OIL Reverses with BUY Potential: DOWN TRENDLINE Broken
CLSK Analysis
Irak Plans Further Production Cuts
Irak is planning to further reduce its oil output. After cutting production by 4.25 million barrels per day in July, Irak intends to cut another 3.9 million barrels per day in September. Libya’s production cuts have also reached 1.5 million barrels over the past three days.
Down Trendline Broken
The price has broken above the downtrend line as seen on the M30 timeframe. A buy opportunity can be explored if there is another pullback to the trendline area.
Prediction: STRONG OIL
Resistance Levels
- R1 73.93
- R2 75.74
- R3 76.67
- R4 77.64
Support Levels
- S1 73.50
- S2 74.00
- S3 74.50
- S4 75.00
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