OIL forex analysis for today, Friday(10-05-2024)

OIL forex analysis for today, Friday(10-05-2024)

OIL Ascending Continuously, Look for BUY Opportunities If It Breaks Resistance

Analysis CLSK

Chinese Economy Boosts Demand Expectations

Oil prices strengthened to the highest weekly level last week, driven by positive Chinese trade balance data, thus raising expectations for crude oil demand. Additionally, the Middle East situation has become uncertain again following Israel’s attack on the Rafah area.

Buy If It Breaks Resistance

Prices rose after breaking the trendline observed on the H1 time frame. Buy opportunities can be taken if there is a breakthrough above the resistance.

Prediction: STRONG OIL


  • R1 80.10
  • R2 78.70
  • R3 80.72
  • R4 81.60


  • S1 78.70
  • S2 80.10
  • S3 78.08
  • S4 77.51

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