OIL Forex Analysis for Today, Monday (12-08-2024)
OIL Still Holds BUY Potential: Uptrend on M30 Time Frame
CLSK Analysis
Geopolitical Tensions Continue to Influence
Crude oil prices continue to strengthen as concerns about the potential escalation of conflict in the Middle East persist, raising fears that it could disrupt crude oil production and transportation in the region.
Monitor Trendline Area
Prices are moving above the upward trendline visible on the H1 time frame. Monitor entry areas near this trendline.
Prediction: STRONG OIL
Resistance
- R1 74.40
- R2 77.30
- R3 78.67
- R4 80.00
Support
- S1 72.00
- S2 73.00
- S3 74.00
- S4 75.00
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