OIL Drops Again, SELL Potential: BoS Observed
OIL Analysis
Possibility of Oversupply Pressures Prices
Crude oil prices have declined once more due to the potential increase in OPEC+ production in October, amidst slowing demand from China and the United States, the two largest oil consumers in the world. Eight OPEC+ members are expected to boost production by 180,000 barrels per day in October.
BoS Observed
The price broke below the support area, indicating a break of structure (BoS) on the H1 time frame. A sell opportunity can be considered if there is a pullback to the BoS area.
Prediction: WEAK OIL
Resistance Levels
- R1 77.00
- R2 76.50
- R3 76.00
- R4 75.50
Support Levels
- S1 74.75
- S2 72.92
- S3 71.97
- S4 71.00
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