OIL Forex Analysis for Today, Friday(24-05-2024)
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Still Seeking to SELL OIL! Bias Remains Bearish Today
OIL Analysis
Market Remains Cautious About Fed Interest Rates
Crude oil prices remain under pressure as the market remains wary of the possibility that the Fed will hold interest rates at high levels for an extended period, potentially slowing the US economy and suppressing crude oil demand.
Sell if Support Breaks
Prices are testing the support area on the H1 time frame. Sell opportunities can be sought if this support area is breached.
Forecast: WEAK OIL
Resistance Levels:
- R1 78.77
- R2 77.57
- R3 79.33
- R4 80.12
Support Levels:
- S1 76.36
- S2 77.57
- S3 75.70
- S4 75.02
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