OIL Forex Analysis for Today, Friday(24-05-2024)

OIL Forex Analysis for Today, Friday(24-05-2024)

OIL Forex Analysis for Today, Friday(24-05-2024)


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

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.

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