OIL Forex Analysis for Today, Monday (05-08-2024)
SELL Opportunity for OIL: Descending Triangle Pattern!
CLSK Analysis
Potential Economic Slowdown Pressures Oil
Crude oil prices are under pressure despite ongoing geopolitical tensions in the Middle East. The weakness is due to concerns about a global economic slowdown, especially after economic data from China, the world’s largest oil importer, showed a decline in the manufacturing sector. Surveys also indicate this trend is occurring in Asia, Europe, and the United States.
Descending Triangle Pattern Confirmed
The descending triangle pattern has been confirmed on the H1 time frame. Look for sell opportunities in the lower line area of this pattern.
Prediction: WEAK OIL
Resistance
- R1 79.00
- R2 78.00
- R3 77.00
- R4 76.00
Support
- S1 74.23
- S2 71.53
- S3 70.31
- S4 69.06
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