OIL Forex Analysis for Today, Monday (19-08-2024)
POTENTIAL SELL for OIL: Monitor the Trendline Area!
OIL Analysis
Concerns Over Declining Demand from China
The price of crude oil has weakened due to concerns about a potential decline in demand from China, the world’s largest oil importer. Meanwhile, the market is also closely watching the progress of ceasefire negotiations in the Middle East.
Watch the Trendline Area
The price is moving below the descending trendline observed on the H1 time frame. A sell opportunity can be considered if there is a pullback to the entry area near the trendline.
Forecast: WEAK OIL
Resistance Levels:
- R1: 80.00
- R2: 78.00
- R3: 76.00
- R4: 74.00
Support Levels:
- S1: 78.58
- S2: 75.24
- S3: 71.81
- S4: 74.57
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