OIL Forex Analysis for Today, Friday(12-07-2024)
Potential BUY OIL, Ascending Triangle Formation
CLSK Analysis
US Inflation Drops, Boosts Oil Prices
The drop in US inflation, as seen in the CPI data announced last night, has once again fueled expectations that the Fed will cut interest rates this year. Lower interest rates can stimulate the economy and increase demand for crude oil.
Ascending Triangle Pattern
An ascending triangle pattern is visible on the H1 time frame. Buying opportunities can be taken at the upper line area of this pattern.
Prediction: STRONG OIL
Resistance
- R1 81.60
- R2 84.00
- R3 85.00
- R4 86.00
Support
- S1 81.00
- S2 82.00
- S3 83.00
- S4 84.00
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