OIL Forex Analysis for Today, Monday (20-05-2024)
Look for BUY Opportunities in OIL, Monitor Resistance
CLSK Analysis
Expectations of Rising Demand Boost Oil Prices
Crude oil prices strengthened again due to hopes of increasing demand, especially following economic data from major consumers such as China and the US. China’s industrial output rose by 6.7 percent in April as the manufacturing sector recovered.
Monitor Resistance Area
Prices are testing the resistance area seen on the H1 timeframe. Buying opportunities can be sought if this resistance area is broken.
Prediction: STRONG OIL
Resistance
- R1 80.17
- R2 79.12
- R3 80.79
- R4 81.46
Support
- S1 79.12
- S2 80.17
- S3 78.65
- S4 78.19
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